IBM Quantum Project Sparks Tax Deal Concerns in Poughkeepsie
A $2.5 billion IBM quantum computing project is underway in Poughkeepsie, New York, but the local Spackenkill school district has raised concerns about a tax deal approved for the project.
The Dutchess County Industrial Development Agency (IDA) approved tax incentives for the IBM Quantum project after a public hearing on Monday. The package includes over $100 million in sales tax exemptions and a 30-year Payment In Lieu Of Taxes, or PILOT, agreement.
Under the agreement, IBM will make negotiated payments instead of paying regular property taxes on the project. The payment schedule starts at around $1 million per year for the first few years before increasing over time.
Spackenkill school officials have expressed concern that the district is not receiving enough under the deal. State Sen. Rob Rolison has spoken with the district superintendent and school board president, urging the IDA to address their concerns.