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The city’s ‘free lunch’ for offices, fast food
Last year ICIP cost the city $409.5 million in forgone taxes, more than double its 2002 price tag and four times the cost of a decade ago.
The city has awarded ICIP benefits to fast-food chains like McDonald’s, White Castle and Dunkin’ Donuts, effectively giving them tax breaks to move into low-income communities.
This contradicts recent actions by the city targeted at the chains, such as new requirements to post calories. Last spring, a Health Dept. report linked obesity in Harlem to a lack of healthy-food options. In East Harlem, 31 percent of adults are obese.
A White Castle there, top, gets an annual $13,942 ICIP benefit, while a McDonald’s, bottom, writes off $21,824 a year. While the number of franchisees getting ICIP benefits is unknown, the companies are benefitting too. As of 2005, McDonald’s owned 15 properties getting the tax break. It will deduct $28,990 from this year’s property taxes on its spot at 42nd Street near Madison Avenue. That’s roughly a $288,200 break over the life of one ICIP exemption.
1 comment:
So it's financial obesity subsidies for the owners
and inches added to the waistlines
of their customers.
We're being Mc Donald-ized and Mc Mansion-ized
all over the place!
Oh, but thank you, Lord Mayor
for my $400 real estate tax rebate.
Maybe I'll go out and spend it at White Castle!
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