The Board of Directors of Nassau County’s Industrial Development Agency voted last Wednesday to grant millions in tax breaks to Altice USA Inc.
The Optimum cable, internet and telephone service company is planning renovations to half of the company’s office in Bethpage, which in its application for financial assistance the company projected to cost up to $60 million.
The county awarded Altice exemptions of up to $2.5 million on sales taxes when purchasing the project’s construction materials.
Altice was also approved for a 10-year PILOT plan that would restrict property tax increases.
The company will see no tax increases for the first year, and then increases will be capped at 1.84 percent for the next nine years.
In return for the tax breaks, Altice has vowed to keep 1,800 jobs in Nassau County, according to Newsday.
The company said in its IDA application that to carry out its renovation plans it will need the IDA’s assistance so it can “attract high-quality employees to the county.”
The company recently moved its headquarters from Bethpage to Long Island City, Queens, but has kept some operations in Bethpage. The studio for News 12 Long Island is expected to move from Woodbury to the Bethpage site.
When moving main operations out of Bethpage, a report from Newsday said, the company laid off some local employees.
The company has yet to release the number of employees.
Altice USA bought Cablevision Systems Corp. of Bethpage in 2016 for $17.7 billion.
