New York’s business tax incentives, a cornerstone of Governor Cuomo‘s two terms in office, are the most expensive and among the least effective of any in the country, according to a recent study by an economist.
…Developers who so happen to be Cuomo donors and recipients of tax breaks and copious state money for similar signature economic development projects are also at the center of federal criminal cases against two former aides to the governor and his handpicked nano-technology czar. The latest budget includes another $400 million for the Buffalo Billion projects at the center of the scandal.
This, according to another budget observer, is bizarre.
“Despite multiple federal indictments, poor program audits and lackluster annual reports, the state continues to move full steam ahead on economic development efforts without putting in place reasonable accountability and transparency measures to ensure the state is spending this money wisely,” said Ron Deutsch, director of the Fiscal Policy Institute. Both the Institute and the Commission are calling for the state to release more comprehensive data to the public about who is receiving what from economic development programs, and whether the public is getting its money’s worth. (full article)