Local NYSEG project gets tax breaks

New York State Electric and Gas’ $50 million plan to boost electrical availability to Corning area industries took a step forward Thursday with the Steuben County Industrial Development Agency approving tax breaks for the utility’s Corning Valley Transmission Project.

Board members approved sales tax exemptions and a payment-in-lieu-of-taxes (PILOT) for the project.
PILOTs provide reduced property taxes in return for scheduled annual payments that increase over a set period of time.

The Corning Valley Transmission Project received SCIDA’s standard 20-year PILOT, which calls for a first-year payment of 50 percent of property taxes, followed by a 2.5 percent increase every year.

SCIDA consultant Jack Benjamin, who is also president of Three Rivers Development Corp., told the board the electrical upgrade will provide the Corning area with the power needed for development during the next 20 years.

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