Are Tax Breaks From Industrial Development Agencies Creating Jobs In The Hudson Valley?

“The Lower Hudson Valley’s primary economic development engines — industrial development agencies — in 2010 reported the creation of 16,000 jobs, using generous tax incentives to lure companies to the region and help others expand.But securing those new jobs cost taxpayers an average of $4,100 per position. The increasing use of incentives contributed to rising property taxes for many homeowners”

Most frightening fact (among many): “Most IDAs acknowledge they cannot guarantee that companies create the jobs they promise. Companies that receive benefits are required to certify their employment figures annually, but such self-reported data have drawn criticism from state authorities who question their accuracy.”

Advertisements


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s