The leader of a large public company based in Lake Success urged school districts, towns and other local governments on Wednesday to forgo tax revenue in the short term so that Long Island can attract new employers.
Richard J. Daly, CEO of Broadridge Financial Solutions Inc., which has revenue of $3 billion per year and more than 2,000 local workers, said the Island must reduce the cost of doing business here in order to become competitive with other regions and states.
Speaking to about 100 students, faculty and business executives at Hofstra University in Hempstead, Daly said it’s possible to bring companies to Nassau and Suffolk counties because their leaders will find it attractive to be near New York City, have a skilled workforce and have access to beaches, the Hamptons and other amenities.
The stumbling block is local taxes, he said.
Daly recounted working with local officials to woo a big employer after he advised Nassau County on its economic recovery from 2012’s superstorm Sandy.
“I’m frustrated,” he said, “because I did participate with the county about trying to bring a large employer in here. ... Nobody wanted to participate in the dialogue of how are we going to give this company [the benefit of] no income tax and no property tax but it’s going to create thousands of great jobs.”
Tax breaks for the prospective employer would have been more than made up for by the personal income taxes and property taxes paid by its new hires, according to Daly. He also said other businesses that provide goods and services to the prospective employer would have prospered.
Daly did not name the company or explicitly say what the company decided to do.
Nassau County Executive Edward Mangano and Suffolk County Executive Steve Bellone, Daly said, both recognize the importance of tax breaks to attract and retain businesses.
“It gets far more complicated when you get into all sorts of sub-tiers of local government.So we’re kind of stuck in the mud,” Daly said.
His company considered leaving the Island in 2012 when it was wooed by 11 state governors, Daly said. But incentives from Suffolk and New York State made it possible for Broadridge to stay put.
“Long Island is a spectacular place to be, but it’s grossly uncompetitive,” Daly said. “Long Island has to step up.”