Broadridge Financial Solutions gets $2.4 million in tax breaks to keep 60 jobs in Islip Town
Broadridge Financial Solutions has secured $2.4 million in additional property tax breaks from the Islip Town Industrial Development Agency to retain 60 jobs at its facilities in Edgewood and maintain operations against competition from other states. The town board unanimously voted to approve these incentives,...
Bullish Signals
- Broadridge secured $2.4M property tax breaks for Islip facilities.
- Town board approved up to 15-year incentives for company retention.
- Company retains 60 Edgewood jobs and invests $725K in buildings.
- Governor Hochul announced nearly $80M investment to keep 2,200 NY jobs.
- Broadridge delivers 7B documents annually and processes trillions in daily trades.
- Firm reported $839.5M profit on $6.9B revenue last year.
- Suffolk IDA awarded $17M tax breaks plus up to $40M grants.
Bearish Signals
- Previously considered closing four facilities to save $270 million over 10 years.
- Tax application cited potential job transfers to California, Connecticut, Florida, Tennessee, and Texas.
- Relocation or workforce cut could reduce Long Island jobs to roughly 750 statewide.
- Retaining 2,200 jobs relies on government funding rather than organic growth.