Letter: Put the brakes on IDA tax breaks
Gov. Andrew Cuomo pockets his notes as he finishes up a news conference at the Capitol. (June 19, 2012) Credit: Albany Times Union/John Carl D'Annibale
Industrial development agencies in New York are wasting a significant amount of taxpayer money ["Cuomo's case for IDA oversight," Business, Feb. 15].
There is no reason to have separate town, county and state IDAs competing with each other. The companies to which they grant the benefits are in many cases very profitable. No wonder the local government treasuries are in such bad shape.
The sales and property tax breaks, and other grants under the IDA programs, add up significantly. I do not believe Long Island companies that threaten to leave if they don't get these benefits. There is an enormous cost to moving a headquarters.
On the other hand, if the chief executive wants to move, there's no tax benefit that is going to keep the company here.
