Ithaca Beer Company gains approval for revised tax break
ITHACA, N.Y. (WENY) - Ithaca Beer Company has gained approval for a revised tax abatement. That's according to the Ithaca Journal.
This approval comes after the Tompkins County Industrial Development Agency voted on the approval last week. The beer company asked for a five-year free on the abatement back in July.
The business says increased competition as well as unanticipated expense of a wastewater pre-treatment system are the reasons causing the financial instability. Ithaca Beer invested more than $300,000 to search for pH imbalance last year.
Although the IDA did not approve the entire tax break, they did approve a reduced tax break. That tax break will extend the 7-year agreement into a 10-year agreement.
The vote for the approval was a tie and it came down to a tie breaker. 3 board members voted for it, and 3 others voted against it. That left the chair of the IDA with the final vote, who approved the abatement.