Tuesday, September 26, 2006

More fraud by NY companies seeking tax breaks

"These companies, and hundreds more, made themselves appear new at a time when the state was offering to erase property taxes, sales taxes and corporate income taxes for new businesses.

The Empire Zone program was meant to entice new businesses to grow in New York instead of South Carolina or South America. In reality, businesses that make up the very foundation of New York's history were reborn and rewarded with millions of dollars in tax cuts.

The state cut a decade's worth of taxes for some companies even when they cut jobs, business owners acknowledged."