Where are the tax breaks for the little guy?
It’s not uncommon these days to read about governments providing tax breaks to companies in exchange for the promise of jobs, development or both.
General Electric received a package worth $151 million to relocate to Boston. Included in the package was $25 million in property tax breaks. And Boston and the state are working on a package in an attempt to lure Amazon to locate its second headquarters here.
Closer to home, the city of Worcester has used Tax Increment Financing (TIFs), District Increment Financing (DIF), Tax Increment Exemption (TIE) and Investment Tax Credit deals to spur development. The latest is a TIE deal that will save the developers of Harding Green $838,000 over 10 years for a mixed-use development in the Canal District.
Worcester’s track record with TIF agreements is generally positive. According to a city report in May, the 24 active TIF agreements between 2012 and 2017 have:
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