Pfizer Paid NYC $24.7 Million Penalty for Moving Jobs
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Pfizer Inc. paid New York City a $24.7 million penalty, twice the tax incentives the drugmaker received for expanding its headquarters in the city, after relocating some corporate offices and transferring hundreds of jobs to New Jersey and Pennsylvania, city officials said.
The company had stopped receiving benefits under a deal intended to lure companies. In November it refunded double the amount it got in the form of abated taxes and other incentives, said David Lombino, spokesman for the city Economic Development Corp. Pfizer’s chief executive officer, Jeffrey Kindler, resigned yesterday, according to a person familiar with the process.