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NY Focus: What Are Industrial Development Agencies?
Manage episode 406432703 series 3460692
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If you’ve ever stayed in a hotel, visited an aquarium, ordered something on Amazon, or paid your utility bill in New York, your life may have been impacted by a little-known local authority called an industrial development agency. Under state law, IDAs have the power to dole out tax breaks to corporations in order to promote the “economic welfare” of their communities — and as a result, they play a huge role in shaping the tax bases of towns, counties, and school districts.
The agencies comprise a sizable chunk of New York’s economic development apparatus. The state hands out nearly $11 billion in subsidies annually to lure corporations, with mixed results, little oversight, and plenty of scandal.
New York Focus has been covering IDAs, their impacts on crucial areas of state policy, and the controversies surrounding them. For example, our reporting has uncovered the important role that IDAs play in climate politics, though their involvement in energy projects had previously drawn little scrutiny. Last fall, we reported on wind and solar developers’ claims that IDA tax breaks make their projects financially viable, even as state watchdogs question whether they should be eligible for the subsidies. And last month, a New York Focus investigation found that IDAs handed out over $1 billion in tax breaks to fossil fuel projects between 2010 and 2022.
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