Agency rescinds tax breaks due to company’s job cuts

UNIONDALE, N.Y. (AP) - A Long Island development agency has revoked tax breaks for a Uniondale software company that cut 170 jobs.

Uniondale-based OpenLink Financial LLC was given a 10-year PILOT, or payment in lieu of taxes, in 2014 to assist in a $22.4 million renovation of their offices. Newsday reports the IDA granted tax breaks in exchange for the company adding five jobs, up to 390 employees from 385, in its second year.

OpenLink cut jobs last year to 220 employees. OpenLink did not return requests for comment.

The IDA says it will now seek a clawback of tax incentives already granted during the first five years of the deal. The board voted unanimously to rescind the tax breaks on Feb. 28, citing the job loss.

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Information from: Newsday, http://www.newsday.com