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Area IDAs gave $50.3M in exemptions in 2012

Rochester Business Journal
May 13, 2014

Industrial development agencies in the Finger Lakes region supported 742 projects with tax exemptions of $50.3 million in 2012, data released Tuesday by state Comptroller Thomas DiNapoli shows.

The total projects in the Finger Lakes were second to Western New York’s 837 among 10 regions statewide, the report states. New York’s IDAs provided incentives totaling $1.3 billion for 4,521 projects, with net exemptions of $554 million.

“In many parts of New York, IDA projects provide a much-needed boost to local economic development efforts,” DiNapoli said in a statement. “However, I continue to stress the need for more accountability and disclosure to ensure taxpayers are getting their money’s worth.”

IDA projects in 2012 reported 674,178 full-time jobs, at an average cost of $2.59 per job gained, data shows. Cumulative job gains in 2011 were 216,519, at an average of $2.34 a job.

Long Island IDAs granted 2012 exemptions of $118 million, highest in the state. Capital District IDAs at $93.7 million and mid-Hudson Valley IDAs at $89.9 million had the next-highest amounts of tax breaks.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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