CRFS will save $350K by not paying sales tax for equipment in expansion
ALBION – Claims Recovery Financial Services could spend up to $4,430,000 for new equipment, machinery and furnishings as part of its relocation and expansion into the JP Morgan Chase call center on East Avenue.
The company won’t have to pay sales tax on any of those purchases, a benefit that could save the company up to $354,400 because of the sales tax exemption.
The Orleans Economic Development Agency approved the tax exemption on Friday. That followed a public hearing on Dec. 10. No one spoke against the tax savings benefit for CRFS.
The EDA has the authority to lift the 8 percent sales tax for companies in an expansion project. CRFS won’t have to pay the 4 percent county and 4 percent state sales tax rates. Both the county and state would have received $172,200 in sales tax if CRFS spends $4.43 million for equipment and furnishings in its expansion and relocation.
The company is expected to start moving into Chase next month. It is consolidating Albion and Medina work sites into the former Chase building, and adding 150 employees. It projects there will be 750 workers out of the building.