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Business Incentives and Property Taxes in Bankruptcy
Bankruptcy is a dark cloud on a company's business. Indeed, bankruptcy seems to combine the two inevitabilities, death and taxes. However, business incentives and property taxes can be a silver lining by bringing precious value ' cash and above-the-line cost reductions, such as property tax abatements, sale/use tax exemptions and, in some instances, favorable financing and utility rate reductions ' to help the company on its road to economic recovery.
But let's not get ahead of ourselves. Since entering and emerging from bankruptcy is a process, let's briefly look at the impact of bankruptcy on existing incentives before turning to the silver lining.
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On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
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