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Companies get a lot of tax credit from the city or the state for opening an office, with the assumption that the workers pay taxes, spend money and improve the
by vsskanth 3y ago
Companies get a lot of tax credit from the city or the state for opening an office, with the assumption that the workers pay taxes, spend money and improve the local economy and businesses. If the workers aren't physically present, the company probably won't get the tax credit because it comes with strings attached.
This is why the mayor of NYC was pushing firms to bring their workers back into the office because the city economy collapses otherwise.
- berniedurfee 3y agoThis is definitely one driver. Most municipal tax incentives for companies with offices in an area require butts in seats. The tax incentives diminish when seats are empty and there are sometimes thresholds that must be maintained per year or all the incentives vanish.