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Levy opposing change in state tax credits for businesses

The Assembly in action on the budget last

The Assembly in action on the budget last week. Photo Credit: Albany Times Union: Assembly in action on budget last week.

Suffolk Executive Steve Levy is going to bat to preserve tax breaks for a Commack drugmaker and other businesses that, he says, are victims of bait and switch tactics in state government.

State lawmakers are set to make changes in tax incentive law — changes that  would help balance the state’s finances — as part of the budget process now on hold in Albany. The changes would  force companies to wait several years before taking advantage of  money-saving tax credits.

Levy says the changes would harm numerous Suffolk County businesses including Gemini Pharmaceuticals, on Modular Avenue in Commack.

“Major businesses have invested, expanded and created jobs based upon these promised tax credits,” Levy said in a news release.

“It is a slap in the face to the economic future of our state that the Assembly and Senate majorities and governor are reneging on those agreements because they view business as a cash cow.”

Levy’s staff did not immediately respond Tuesday to a request for the names of other businesses, in addition to Gemini, that  would be hurt by the current state budget proposals that would defer tax incentives.

Levy said in the news release that “the short-term loss of millions of dollars of tax credits which had been extended to Suffolk companies could likely result in private sector layoffs, outsourcing or relocation of jobs to other regions of the country.”

New York State would lose credibility among businesses if it reneges on the tax deals, Kenneth Adams, president and chief executive of The Business Council of New York State, said in a news release.

 “Taking away tax credits that companies have already earned is an immediate tax increase that will make it harder for New York businesses to invest, grow and create jobs to pull us out of this recession,” Adams said in a news release.

Read more of Inside Long Island Business


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