May 13, 2014
In a report released by the state comptroller’s office, tax breaks given out by New York’s Industrial Development Agencies led to fewer jobs in 2012 than the previous year.
There are 112 IDAs across the state of New York. Each IDA provides property and sales tax breaks to companies in their region to help create more jobs.
According to the comptroller’s report, the agencies created 2,400 fewer jobs than the previous year. That’s despite a $47 million increase in the amount of tax breaks handed out.
Comptroller Thomas DiNapoli has put out several legislative proposals intended to increase accountability and improve efficiency and transparency of IDAs.
The proposals include a requirement that each IDA publish an annual summary of financial activities and develop uniform criteria for the selection of projects.