New York's local tax incentives program creates fewest jobs in a decade
New York State Comptroller Tom DiNapoli said the state’s program to generate jobs through tax incentives created the lowest number of positions in over a decade.
In his annual report on industrial development agencies, DiNapoli found that even though these local agencies granted the most ever in tax exemptions, they returned fewer jobs compared to years prior.
Statewide, the agencies in most counties and towns doled out nearly $1 billion in tax exemptions in 2020. The number of jobs gained was 167,984, the smallest number of reported net jobs gained in the last ten years.
On Long Island, the agencies gave out $210 million in tax exemptions and gained 40,697 jobs. That’s $5,170 in tax breaks for each job gained.
DiNapoli also said industrial development agencies have been funding fewer and larger projects over the years statewide.