News & Politics

City to Lose $800 Million in Corporate Tax Refunds


Another day, another several hundred million dollars down the drain: the Times reports that this year local businesses’ estimated tax payments to the city this year were off by about $800 million. And though these businesses traditionally tell the city to just put their overpayments on next year’s tab, most of them are asking for their money back. “A handful of companies” made most of these overpayments, says the Times, but declines to name them, maybe because Bloomberg hopes to straighten it out with their chairmen over drinks at the Club.

Queens Crap observes, “The financial genius running our fair city said he looked into his crystal ball and knew all this would happen years ago. So what gives?”

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