ANNOUNCEMENT 26 Jan 2012In January 2012, a US state government announced a targeted tax change.
NUMBER OF INTERVENTIONS
Main data from Good Jobs First at http://www.goodjobsfirst.org/sites/default/files/docs/Megadeals_February2015.xlsx.
January 26, 2012 NYCIDA Project Cost/Benefit Analysis, Project Financing Proposal included in the inducement resolution from February 14, 2012, final Authorizing Resolution project materials from the NYCIDA meeting of July 23, 2013 and the General Project Plan adopted by the New York State Empire State Development board of directors at their February 19, 2015 meeting, posted at: http://goodjobsny.org/newsroom/news-fresh-direct-spurs-border-war-new-jersey#Related%20docs. Subsidy value was estimated from Excelsior Jobs Program Quarterly Report, December 14, 2014 available at: http://esd.ny.gov/Reports.html and the NYCIDA Annual Investment Projects Report, FY2014 available at: http://www.nycedc.com/about-nycedc/financial-public-documents.
in response to a threat from the online grocery delivery business Fresh Direct Holdings, Inc. to move its operations and facilities to New Jersey the New York City Industrial Development Agency and the New York State Empire State Development provided a subsidy package in 2012.
It includes approximately $80 million in NYCIDA financing; $18.9 million in available Excelsior tax credits; a $9 million Empire State Development capital grant; low-cost power through NYSERDA and New York Power Authority and the NYC Economic Development Corporation's Business Incentive Rate program. The company is also eligible to receive over $52 million through an as-of-right property tax abatement.
The GTA includes state guarantees and other financial incentives thatare likely to affect the restructuring and performance of firms facinginternational competition, whether from imports, in export markets, andfrom foreign subsidiaries.