Opportunity Zone neighborhoods like Long Island City, Downtown Brooklyn, and Gowanus are communities where private investment has already poured in, and seems poised to continue doing so even without the extra tax incentive - and as a result, they are expected to attract the majority of any Opportunity Zone investment that does happen. Our city does have neighborhoods that would benefit from the additional investment right now, but these aren’t them.
“State and local officials continue to hand out goodies even though evidence suggests that such subsidies have little effect on jobs,” Liu declared. “Sure, we all want good corporate citizens, but companies will always put self-interest and shareholders before the needs of communities, no matter how much they receive in incentives.”
Amazon is canceling its plans to build a 25,000 person office in New York City in an extraordinary twist to the “HQ2” story that has dominated the news for more than a year. The company announced the deal was off Thursday, blaming “a number of state and local politicians” who vowed to fight the deal.
Last week, Apple announced plans to invest $1 billion building a new Austin campus that will be home to 5,000 employees initially. This week, Google announced a $1 billion investment to build a new New York City campus called Google Hudson Square.
Lawmakers and officials whose towns won out in the search are welcoming the company with open arms, predicting that its arrival will bring massive economic investments into their communities. But others are raising questions about the wisdom of gifting billions in taxpayer dollars to the second most highly valued company in the world when local infrastructures are struggling.
Amazon to invest $5 billion and create more than 50,000 jobs across the two new headquarters, and announces Nashville as new Operations Center of Excellence with more than 5,000 jobs. Amazon will invest $5 billion and create more than 50,000 jobs across the two new headquarters locations, with more than 25,000 employees each in New York City and Arlington.
For more than a year, few details about the selection process for Amazon’s second North American headquarters — beyond the tech giant’s own disclosures — saw the light of day. But with Amazon’s self-imposed end-of-year deadline approaching, reports are beginning to trickle out about which contenders have the best shot to land the vaunted economic development prize.
SSTI analysis using data from the National Science Foundation’s National Center for Science and Engineering Statistics reveals that approximately 60 percent of all new funds for S&E R&D at colleges and universities from 2008 to 2016 went to institutions in just three states: Maryland, California and New York.
Trump, who said she is passionate about workforce development, views programs like P-TECH as a way to address a problem facing many employers: The lack of skilled workers to fill positions. "There are so many job opportunities, and many of those job opportunities don't require four-year degrees," she said.
A number of high-tax states have recently passed legislation to help residents manage new caps on their ability to take federal tax deductions. However, accountants are warning taxpayers to proceed with caution. This year, the Tax Cuts and Jobs Act put in place a $10,000 cap on the amount of state and local taxes (SALT) that filers can claim on their taxes.