By: E&P Staff
New York City’s Industrial Development Agency has approved a big tax break for Thomson Reuters that was vigorously opposed by the Newspaper Guild of New York, which is in a contract dispute with the news and financial information service.
The tax break will amount to more than $20 million.
According to a report in Crain’s New York by Daniel Massey, Thomson Reuters will have to increase its “base employment commitment” to 3,744 jobs from 1,800 now. Overall jobs would have to be more than 4,210 to take advantage of all the tax breaks, Crain’s reported.
Under the deal, Thomson Reuters would also have to resolve any unfair labor practice charges pending before the National Labor Relations Board. Crain’s quoted unnamed city officials as saying that was believed to be the first time city subsidies were tied to the resolution of a labor dispute.