On Sunday Tax Watch examined the Lower Hudson Valley’s multimillion-dollar industrial development agencies, or IDAs, which offer generous tax breaks to companies to draw them to the region or help existing companies expand and create jobs.
Advocates point to the 16,000 new jobs the region’s 10 IDAs reported in 2010 and hundreds of new and expanding companies – including fast-growing Regeneron Pharmaceuticals. They say in the long-run temporary tax breaks on sales, property and mortgage recording taxes will keep New York competitive with lower-cost states, allow companies to make greater investments in the area and expand the tax bases of local communities.
There are county-run IDAs in Westchester, Rockland and Putnam and municipal IDAs in Yonkers, New Rochelle, Mount Vernon, Peekskill, Port Chester, Mount Pleasant and Southeast.
Critics, including state Comptroller Thomas DiNapoli, question the accuracy of the number of reported jobs and whether such incentives are necessary or effective. Others say the system needs reforms and costs municipalities and schools much-needed revenue.
What do you think? Read our package here and take our poll below to give us your opinion.
2 Comments
It irritates me to no end that this is labeled as Taxpayers Dollars even though it is a tax credit on taxes that might not be collected if the incentive was not there. I do not see IDA’s sending checks to businesses. If a business needs to grow and needs a break on taxes to do so one would hope that the growth in business revenues would generate additional taxes.
This Poll is not a “YES” or “NO” Question to query the public. It is an “Either” – “OR” question
Also, To leave this comment, do I leave my E-mail, or mailing address, or should I say”None Please”? (It only says “Mail”)