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Resource ID: #23132
Subject: Business
Source: Post-Standard (Syracuse, N.Y.)
Date: 2006-11-19



The Empire Zone program in New York is meant to "reward new and expanding businesses" but has been mistakenly doling out large sums to companies that do not merit them. For instance: an out-of-state power company was using century-old plants, and did not expand, but received $22 million a year. "Hundreds of companies changed their names to appear on paper to be new businesses, so they could collect the maximum tax breaks available to startup companies." Also, a shopping-mall developer promised expansion, but has been receiving $9 million a year with no new building. Of the top 10 companies receiving Empire Zone money (a total of $56 million a year for the group), some added workers, but others cut jobs.

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