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    Home»Property»Layoffs Could Result in Higher Real Property Taxes for Canon U.S.A. | Farrell Fritz, P.C.
    Property

    Layoffs Could Result in Higher Real Property Taxes for Canon U.S.A. | Farrell Fritz, P.C.

    August 10, 20242 Mins Read


    Canon U.S.A. (“Canon”) may have to repay real property taxes if it terminates a certain number of employees—based on original incentives obtained when building their U.S. headquarters in Melville. The development consists of a 696,000 square foot office space located in Suffolk County. Canon has reportedly let go of approximately 100 – 150 employees, putting their existing agreements with the Suffolk County Industrial Development Agency (the “IDA”) in jeopardy.

    In general, an IDA offers companies incentives and opportunities to encourage them to do business and continue doing business in that jurisdiction. A common incentive example is a multi-year phase-in of real property taxes resulting from a new development or expansion. This can amount to a large savings and is only attainable if that company satisfies its obligations under the IDA agreement.

    The current agreement between the IDA and Canon requires the Company “maintain at all times at the facility: 1,081 full-time equivalent employees. If a smaller number of people are employed that ‘will be considered a recapture event,’ where the IDA could claw back some of the tax incentives received by Canon…” Any funds “recaptured” would go to the affected taxing jurisdictions. These situations are complicated and often require advisors to help figure out the best way forward for both the company and the agency or jurisdiction impacted.

    See the Newsday article covering the developing story here: Canon U.S.A. could have to repay tax breaks because of job cuts at its Melville headquarters, letter says – Newsday

    [View source.]



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