Broadridge Financial Solutions gets $2.4 million in tax breaks to keep 60 jobs in Islip Town
ποΈ Broadridge Financial Solutions secured over $2 million in additional property tax breaks for two facilities in Islip Town on Tuesday.
π€ The town board voted unanimously to approve incentives that could potentially last up to 15 years to retain the company's workforce.
π This financial aid is part of a coordinated effort involving Suffolk County and New York State aimed at preventing Broadridge from relocating operations out of state.
π’ Broadridge serves as a major back-office function for Wall Street, delivering over 7 billion documents annually and processing trillions in daily stock trades.
π The company recently reported an annual profit of $839.5 million on revenue of $6.9 billion for the year ended June 30 according to securities filings.
π° Governor Kathy Hochul previously announced a commitment for Broadridge to invest nearly $80 million and retain 2,200 jobs statewide in exchange for these incentives.
β οΈ The company had previously considered closing facilities in Edgewood and Lake Success to save up to $270 million, which would have cut New York employment to about 750.
π Management had explored moving work and jobs to other states including California, Connecticut, Florida, Tennessee, and Texas before securing this deal.
π΅ On Tuesday specifically, the Islip IDA granted $2.4 million in property tax savings over 12 years with a potential three-year extension.
ποΈ In return for the aid, Broadridge agreed to invest $725,000 in the buildings and retain 60 jobs at the 120 Wilshire Blvd. and 300 Executive Dr. locations.
π°οΈ State records indicate the properties have been receiving tax aid since an agreement reached in 2012.
π£οΈ Angie Carpenter, Islip supervisor and IDA board chair, praised Broadridge for providing high-quality jobs and reinforcing the town's reputation as an innovation hub.
π Broadridge spokesman Gregg L. Rosenberg thanked the IDA for recognizing competition from other states and taking steps to keep high-quality jobs on Long Island.
π€ This local action follows Suffolk IDA granting $17 million in tax breaks and Empire State Development providing up to $40 million in grants.
β‘ The state Power Authority will next consider an application by Broadridge to extend low-cost electricity allocations it currently receives.
π‘ Current records show the Edgewood facilities receive 2,400 kilowatts of electricity specifically in return for retaining 1,713 jobs.
- Broadridge Financial Solutions secured an additional $2.4 million in property tax breaks for two facilities in Islip Town, reinforcing its position as one of Long Island's largest employers.
- The town board unanimously approved incentives that could stretch up to 15 years, signaling strong local government support for retaining the company.
- In return for these investments, Broadridge committed to retain 60 high-quality jobs in Edgewood and invest $725,000 directly into the buildings.
- Statewide commitments include Governor Kathy Hochul announcing a nearly $80 million investment by Broadridge to keep 2,200 jobs across New York State.
- The company continues to function as a critical Wall Street back office, delivering over 7 billion documents to shareholders annually and processing trillions of dollars in stock trades daily.
- Recent financial filings show the company reported a robust profit of $839.5 million on revenue of $6.9 billion for the year ended June 30.
- Broadridge is described as a fast-growing company with a global footprint, maintaining offices in Manhattan, Europe, Asia, and Australia.
- Additional state support includes Suffolk IDA awarding $17 million in tax breaks and Empire State Development providing up to $40 million in grant money.
- Broadridge had previously considered closing one of four facilities in Edgewood and its Lake Success headquarters, a plan that would have saved the company up to $270 million over 10 years.
- The company's tax break application from last year explicitly stated a consideration to transfer work and jobs to competitive states including California, Connecticut, Florida, Tennessee, and Texas.
- Without the significant influx of state and local aid totaling over $60 million, Broadridge may still face pressure to relocate operations or reduce its Long Island workforce to roughly 750 employees statewide as originally proposed.
- The company's ability to retain 2,200 jobs statewide relies on continued government funding, suggesting these positions are contingent on ongoing tax incentives rather than purely organic growth.