City Revitalization and Improvement Zones (CRIZ) Trigger Corporate Welfare Craze in Pa.‘s Third Class Cities
Debate – Will CRIZ program benefit York?
for the TL;DR version, skip the text and hit play on the video above to view a discussion on the CRIZ topic between myself and CRIZ supporter/Think Loud CEO Bill Hynes.
Move over – Keystone Opportunity Zones – there’s a new, over-hyped, wildly speculative and risky business incentive program being pushed by the know-it-all bureaucrats in Pa. government.
City Revitalization and Improvement Zone projects will allow eligible businesses to divert state and local taxes to pay for project bonds and debt financing.
State taxes that can be diverted include:
- Personal Income
- Capital Stock Transfer
- Corporate Net Income
- Liquor Taxes
Local Taxes that can be diverted (pending approval) include:
- Earned Income
- Business Privilege/Mercantile Tax
- Local services
- Amusement Tax
Bureaucrats in the City of York are in heat with CRIZ fever, with council unanimously moving forward with the process to establish a CRIZ Authority in York despite my objections from the gallery.
I’ll have much more to add to the discussion of CRIZ, central planning and tax subsidies in York as the process moves along. For now, be sure to watch the candid debate between myself and developer Bill Hynes, CEO of Think Loud LLC, who did a fine job representing his brand while giving his honest take on the business incentive program.