Inside Long Island Business

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No alteration to Cuomo IDA proposal

Gov. Andrew M. Cuomo did not alter his initiative for more oversight of industrial development agencies Thursday, the final deadline for amendments to his proposed 2013-14 budget before negotiations begin with the State Legislature.

Cuomo wants IDA projects that receive an exemption from the state sales tax to also be endorsed by a regional economic development council, which he appoints. He would also limit IDA projects to just seven business sectors.

IDAs, which provide tax breaks to expanding companies, are opposed to the governor’s plan, saying it would delay building projects and erode local control over them. If his proposal had been in place last year, they contend hundreds of jobs would have been lost at IDA-backed projects.

Some IDAs were hopeful that Cuomo would modify his plan, particularly after Lt. Gov. Robert J. Duffy’s comments to the Long Island Regional Economic Development Council on Tuesday.

Duffy said Cuomo was “willing to take suggestions and feedback…Changes are being considered based on the feedback.”

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