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Monday, July 22, 2019

Top Stories > General

IDA-issued tax breaks continue to climb

Jul 5, 2019

By Fred Stabbert III - publisher

NEW YORK STATE - New York's Industrial Development Agencies (IDAs) reported providing $751 million in net tax exemptions for local economic development efforts in 2017, up more than 5 percent from 2016, according to a report issued by State Comptroller Thomas P. DiNapoli.
And as Sullivan County continued to be among the leaders in job growth and unemployment figures among upstate counties, it also ranks among the lowest in IDA expenses per job gained - spending only $116 per job - with an estimated 4,496 new jobs created in ‘17.
Those figures come from DiNapoli's report which shows Sullivan County IDA spent $521,442 on 66 projects - or $7,901 per project.
By comparison, Orange County had 50 projects in 2017 and their IDA spent $2.47 million - or $48,489 per project.
Their spending per job gained was $1,015.
In Delaware County, where 11 IDA projects were handled in 2017, the expenses were $1.18 million - or $107,548 per project.
Delaware County's expenses per job gained was $6,799 for the 174 net jobs gained.
“The need for close scrutiny of economic development efforts has never been higher,” said DiNapoli. “My office releases IDA data so New Yorkers can examine if incentives given out to create and retain jobs in their communities are worth it.”
Through 2017, active IDA projects produced a net total of 198,522 jobs gained since their inception, with nearly two-thirds (2,912) of projects resulting in net jobs gained. Services, such as retail, health care and recreation, accounted for 50,435, or 25 percent, of the total net jobs gained, closely followed by manufacturing (21 percent), and finance, insurance and real estate (20 percent).
The annual report showed IDAs provided approximately $1.4 billion in total tax exemptions to 4,385 projects in 2017. These exemptions were partially offset by $642 million in payments in lieu of taxes (PILOTs). Both total exemptions and PILOTs increased, resulting in net exemptions of just over $750 million - $36 million (5.1 percent) over the prior year. In 2016, net tax exemptions were up $20 million, nearly 3 percent, from the previous year.

Sullivan County IDA
Region:
Mid-Hudson
County:
Sullivan
Project Count:
66
Total Project Values:
$1,559,753,141
Total Tax Excemptions:
$16,654,775
Total PILOTs:
$4,792,873
Net Tax Exemptions:
$11,861,903
Net Exemptions Per Project:
$179,726
Estimated Jobs
to be created:
5,454
Estimated Jobs
to be Retained:
440
Full-Time Equivalents
before IDA:
440
Current Full Time
Equivalents:
4,936
Estimated New Job Change:
4,496
Net Exemptions
Per Job Gained:
$2,638
IDA Expenses:
$521,442
Expenses Per Job Gained:
$116
Expenses Per Project:
$7,901

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