Drug maker asks for IDA tax breaks; promises no new jobs
By James T. Madore james.madore@newsday.com
A key player in Long Island’s burgeoning pharmaceuticals industry wants tax breaks to modernize one of its three factories in Suffolk County — but won’t promise to create jobs, officials said.
InvaGen Pharmaceuticals Inc. and its landlord plan to spend a total of $2.7 million on a new roof, machinery and ventilation systems for 600 Old Willets Path in Hauppauge over 4 1/2 years. The company won preliminary approval for $403,450 in tax breaks over 10 years from the county’s Industrial Development Agency last week.
In return, the drugmaker committed to maintain the factory’s 202 jobs despite the coronavirus-induced recession. Employees earn, on average, $61,000 per year, records show. Read the full article on Newsday…