Why does New York City allow such poor reporting and lack of transparency?
Exact quote from the Independent Budget Office of NYC
In addition to our inability to create a comparison group, IBO encountered several other data issues. The Industrial Development Agency could not provide detailed information on the actual capital investments at the site made by participating firms. Given that the agency recently changed the way it calculates the firm’s property tax savings, which is now based on its capital investment at the site rather than on employment, this is important information to collect and report. Nor does the Department of Finance include the payments in lieu of taxes made by the firms as part of its property tax database. Routinely including data on these payments would increase transparency on the cost of this program as well as similar programs. Additionally, providing IBO with access to business tax returns would allow a better understanding of the fiscal condition of assisted and unassisted firms; state legislation granting this access was introduced in 2020 but has not been enacted.
This is very troubling. Also does anyone even know what these Industrial development agencies are???
Industrial development agencies and authorities (IDAs) are established under the General Municipal Law and the Public Authorities Law to foster economic development in specific localities. They are public benefit corporations and are generally exempt from sales and use taxes (sales tax) on their purchases. For information about purchases made by IDAs, see Tax Bulletin Purchases and Sales by Governmental Entities (TB-ST-700).
New York City seems to want to hide these tax breaks see https://portal.311.nyc.gov/article/?kanumber=KA-01940#:~:text=The%20Industrial%20Development%20Agency%20Program,not%2Dfor%2Dprofit%20corporations.