Businesses ranging from Menter, Rudin & Trivelpiece law firm, Watertown, to Erie Boulevard Hydropower, Potsdam, likely will lose their Empire Zone tax benefits following Empire State Development Corp.'s announcement on the status of the 8,000-plus businesses enrolled in program.
In the north country, the biggest losers are Erie Boulevard Hydropower in Potsdam's Empire Development Zone, which filed for about $9,035,000 in benefits. Maple Ridge Wind Farm, in Lewis County's zone, would lose $7,197,197 in tax benefits.
The projected tax benefits are from 2006 filings obtained by The Post-Standard, Syracuse.
Gov. David A. Paterson signed the new Empire Zone requirements into law April 7. Under new regulations, businesses must match wages and capital investments dollar-for-dollar with the tax breaks they received. The reworking of the Empire Zone tax breaks also excludes "shirt-changers" or companies reincorporated as different entities that claimed they created jobs when, in reality, they transferred employees from one entity to the other.
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