http://polhudson.lohudblogs.com/2008/12/02/report-shut-down-tax-break-program/ Political news in the Lower Hudson Valley, New York state. Fri, 10 Feb 2012 18:16:30 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://polhudson.lohudblogs.com/2008/12/02/report-shut-down-tax-break-program/comment-page-1/#comment-42196 Julia Tue, 02 Dec 2008 19:00:09 +0000 http://polhudson.lohudblogs.com/?p=6502#comment-42196 Actually, the so-called loop-holes were legislatively closed back in 2005 and businesses that should not have been certified have been decertified since then. Also, businesses that are certified in Empire Zones are required to submit annual reports that state their employment level, investments made, and tax credits claimed in order to retain their certification. There are ways to track whether a company is meeting the goals as stated in their applications to become a Zone Certified Business. In addition, the state has no way to track whether the program actually costs $582 million because businesses claim their incentives using tax forms and NYS Tax & Finance doesn't share that information with other state departments. Actually, the so-called loop-holes were legislatively closed back in 2005 and businesses that should not have been certified have been decertified since then. Also, businesses that are certified in Empire Zones are required to submit annual reports that state their employment level, investments made, and tax credits claimed in order to retain their certification. There are ways to track whether a company is meeting the goals as stated in their applications to become a Zone Certified Business. In addition, the state has no way to track whether the program actually costs $582 million because businesses claim their incentives using tax forms and NYS Tax & Finance doesn’t share that information with other state departments.

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