Tax Incentives, Quick Approval Process Credited With Boom

BABYLON, N.Y. (CBSNewYork) – Companies are coming and staying in the town of Babylon on Long Island, thanks to a number of incentives.

In the last two years, 24 companies have either moved in or expanded in the town of Babylon.

“And these are all companies that could be located everywhere in the United States. The economy’s a global economy now. And they look all everywhere, from Tennessee to Louisiana to Florida, and they come back to Babylon because they know that they get a great tax savings plan, it’s better than any other IDA in the state,” Babylon’s Industrial Development Agency CEO Robert Stricoff told WCBS 880’s Sophia Hall.

There is a cash incentive and a quick approval process, making the town attractive to businesses, Stricoff said.

The companies employ more than 1,500 people, according to Stricoff.

“We have companies that make high-position valves for the aerospace industry. We have companies that make not only airplane parts but radar parts for both military and commercial airplanes,” he told Hall.

Stricoff said bringing in and keeping jobs also helps the housing market, because people buy on Long Island to live close to where they work.

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