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Thread: Stereo Advantage gets tax breaks

  1. #1
    Tony Fracasso - Admin
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    Stereo Advantage gets tax breaks

    Stereo Advantage gets tax breaks for store/repair center expansion

    The Advantage Co. is getting nearly $218,000 in tax breaks from the Amherst Industrial Development Agency for a $1.1 million project to expand its headquarters and distribution facility at 1955 Wehrle Drive.

    The agency approved the tax breaks Friday for a project that will involve the construction of a 20,000-square-foot addition to its existing store and electronics repair and distribution facility to accommodate growth in its Lifetime Service center. The center, now spanning 67,000 square feet, does warranty repairs for electronics manufacturers, as well as extended warranty repairs for third-party providers.

    IDA officials said the project will help the Amherst facility remain financially competitive and help the company compete nationally for repair contracts from retailers and electronics companies.
    Read more in the Buffalo News


    The company, which employs 130 people at the Wehrle Drive facility, expects to create 35 full-time and 10 part-time jobs within two years of the expansion’s completion. Those jobs are expected to pay an average of $45,000 a year, IDA officials said.

    “We want to be done by the fall,” Kreuz said. “We hope to break ground in the spring.”

    While the tax incentives will lower The Advantage Co.’s overall tax bill over the next seven years, the company still will end up paying nearly $162,500 in additional taxes than it would had the project not been carried out, IDA officials said.
    Let us say they don't create those jobs. What happens? Does the Amherst IDA still get their cut? They are definitely not shy when it comes to lining their pockets.

    On a deal like this what is their cut? If I was the supervisor of our town and we had an IDA I'd like to know who's best interest was taken into consideration. The current property/business owners or the IDA's pockets.


    http://www.amherstida.com/

    We Exist
    To promote investment, economic diversity, employment opportunities and to broaden the tax base of the Town of Amherst.

    In Order To
    Reduce the tax burden on homeowners, while helping to maintain and enhance a high quality living environment.
    So since they have existed how much has the homeowners tax burden decreased?

    Have the homeowners of Amherst seen a steady decrease on their property taxes year after year?

    I just peeked. I don't think they even use a local hosting company for their website. I think they use a company out of NJ. There isn't a hosting company in Amherst NY they could work with?

  2. #2
    Member NY The Vampire State's Avatar
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    To hell with them too!!

    But you really have to focus on the politicians and Government operatives that allow and perpetuate this. If a tax break is out there a company is going to take it.
    Democrats & Republicans Suck Alike.

  3. #3
    Tony Fracasso - Admin
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    Totally agree with you.

  4. #4
    Member NY The Vampire State's Avatar
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    I really think these IDA's, Start Up NY and all the tax breaks are in violation of the 14th Amendment.

    No state shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; ....

    nor deny to any person within its jurisdiction the equal protection of the laws.
    Most of us are forced to pay our full share of taxes while others get a free pass or a steep discount. I don't care if Company X is still going to pay millions in taxes even after the breaks. It just goes to show you how absurd the tax code is in the country and how much money the Government sucks from the people.

    http://www.taxanalysts.com/www/featu...7?OpenDocument

    This writer nails it
    The practice of state governments offering tax incentives is in clear opposition to the concept of a free market. The government is determining which businesses will benefit and, as a result, which benefits will be burdened by state taxes. Free market economics demands that business winners and losers be determined by the market instead of by the state:

    Bureaucrats just aren't smart enough to out think the marketplace. The idea that government officials can somehow survey the economic landscape, comprehend it in all its detail, and then improve it in a way that would leave everyone better off is the "fatal conceit" of central planners.13
    Last edited by NY The Vampire State; December 5th, 2014 at 01:38 PM.
    Democrats & Republicans Suck Alike.

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