DiNapoli questions IDA tax breaks
The state's industrial development agencies spent nearly $500 million in net tax exemptions in 2010 and job gains dropped by 22,000 from the previous year, according to a report released today by New York State Comptroller Thomas DiNapoli.
“Taxpayers are not getting enough bang for their buck when it comes to IDAs,” DiNapoli said in a statement. “Residents, particularly those in high-cost regions such as Long Island and the mid-Hudson Valley, have every right to question whether the additional tax breaks are producing promised economic benefits.”
His report notes that this is the second straight year that there is only a limited connection between higher tax exemptions and job creation.
To deal with this problem, DiNapoli has introduced Assembly Bill 9690, which would provide taxpayers with the ability to evaluate whether IDAs benefited their community and deliverd promised benefits
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Read the entire report below:
IDA Performance Review by Comptroller