NY Empire Zone Liability Hinges On Property Rights Question

Law360, New York (April 23, 2013, 7:56 PM EDT) -- New York's top court heard arguments Tuesday on whether economic benefits given to businesses through the Empire Zone Act, and then retroactively stripped away, were tax breaks or rock-solid property rights, and experts say the answer could leave companies on the hook for millions of dollars.

A group of corporations whose benefits were revoked is battling with the state over whether it can retroactively apply April 2009 changes to the law. The businesses lost the benefits because they allegedly weren't returning enough value to the state in...
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