UPMC already benefits from $204 million in tax breaks, but for UPMC executives, that’s not enough.
After failing to get Allegheny County to approve a tax exempt bond deal last year, UPMC took its request to the newly formed Monroeville Finance Authority. In July, the Authority voted to issue $420 million in bonds to UPMC – in effect giving them another $2.3 million annual tax break.
City budgets across Allegheny County are already stretched thin. Schools and other essential public services are enduring deep cuts, and local governments need every penny of revenue they can find.
UPMC on the other hand is a $10 billion global health enterprise that made $726 million in profit last year. If UPMC were to forego its tax breaks, it could eliminate the deficits of both the Pittsburgh Public Schools and the Port Authority of Allegheny County , and still have half a billion of profit left over.
Before UPMC is given any other tax breaks, our elected officials should take a close look at how little UPMC is contributing to their budgets and make sure it starts to pay its fair share.