
Communities grant tax incentives to businesses to create jobs and increase tax revenue. The question is how much the community gets for the dollars it foregoes. Two weeks ago New York State Comptroller Thomas P. DiNapoli issued a report critical of Industrial Development Agencies (IDA) in New York State, saying taxpayers don't get enough bang for their tax incentive bucks. A proposed DiNapoli-backed bill in the state legislature (A.9690) would impose additional reporting obligations on local IDAs. But Tompkins County Area Development (TCAD) President Michael Stamm says that IDAs in New York State are already over-burdened with state reporting, and are doing a good job of brining new jobs and tax revenue to their areas.
"I think the vast majority of IDAs across the state are doing a great job, and there are some that are doing an excellent job," Stamm says. "I think we're one of those. I think the rest are doing a good job, and there is a tiny percentage of IDAs that perhaps need to improve the way they operate. While (DiNapoli) may be doing a good job on other issues, the report on IDAs, and in particular his press release, really doesn't reflect what IDAs do. It really misrepresents some of the main issues."