A New York law that grants tax breaks to banks opening branches in depressed neighborhoods is under attack by the state's thrifts.

The law, enacted last fall, offers a 50% property tax cut to banks that locate in communities deemed "underserved" by state banking officials. It also allows these banks to pay lower interest rates on municipal deposits.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.