Common
03-09-2015, 02:16 PM
Get 10million tax dollars for free to create jobs then instead of creating any get rod if 900.
Despite being given a $10 million job-creation subsidy by New York State, Time Inc. will still be allowed to cut over 900 jobs -- nearly one third of its positions -- with no repercussions, WNYC reported Friday (http://www.wnyc.org/story/taxpayer-subsidy-allows-time-slash-jobs/).
Last year the midtown Manhattan-based media company -- which counts Time magazine, Sports Illustrated and People among its 90 brands (http://www.timeinc.com/about/) -- was mulling a move to a smaller headquarters across the river in New Jersey.
But the state of New York responded by offering Time a $7 million grant under the World Trade Center Job Creation & Retention (http://esd.ny.gov/BusinessPrograms/WTC_JCRP.html) program and a $3 million Excelsior Jobs Program (http://esd.ny.gov/BusinessPrograms/Excelsior.html) tax credit to relocate to downtown Manhattan instead.
In order to receive the $3 million tax credit, WNYC reports that Time promised to invest $150 million in new offices by the World Trade Center.
As one might expect, such programs typically require businesses to either add or retain jobs. According to documents obtained by WNYC (http://www.scribd.com/doc/257797829/ESD-FOIL-Response), however, Time will be able to keep the money and cut up to 917 jobs by 2017.
http://www.huffingtonpost.com/2015/03/09/time-inc-subsidy-cut-900-jobs-no-penalty_n_6830598.html
Despite being given a $10 million job-creation subsidy by New York State, Time Inc. will still be allowed to cut over 900 jobs -- nearly one third of its positions -- with no repercussions, WNYC reported Friday (http://www.wnyc.org/story/taxpayer-subsidy-allows-time-slash-jobs/).
Last year the midtown Manhattan-based media company -- which counts Time magazine, Sports Illustrated and People among its 90 brands (http://www.timeinc.com/about/) -- was mulling a move to a smaller headquarters across the river in New Jersey.
But the state of New York responded by offering Time a $7 million grant under the World Trade Center Job Creation & Retention (http://esd.ny.gov/BusinessPrograms/WTC_JCRP.html) program and a $3 million Excelsior Jobs Program (http://esd.ny.gov/BusinessPrograms/Excelsior.html) tax credit to relocate to downtown Manhattan instead.
In order to receive the $3 million tax credit, WNYC reports that Time promised to invest $150 million in new offices by the World Trade Center.
As one might expect, such programs typically require businesses to either add or retain jobs. According to documents obtained by WNYC (http://www.scribd.com/doc/257797829/ESD-FOIL-Response), however, Time will be able to keep the money and cut up to 917 jobs by 2017.
http://www.huffingtonpost.com/2015/03/09/time-inc-subsidy-cut-900-jobs-no-penalty_n_6830598.html