New database tracks state tax breaks, loans, grants to firms since 2018
The government of Governor Andrew M. Cuomo has published a database of construction projects, business expansions, tourism subsidies and training programs for workers that have received state aid since 2018.
The economic incentives database from Empire State Development, the premier government aid agency to business, has been eagerly awaited by state lawmakers and government groups in Albany who have been calling for it for years.
The public database contains information on 1,074 projects nationwide, including 78 on Long Island, that have been approved by ESD for loans, grants, tax credits, employee training awards and tax exemptions for START-UP NY in the past three years.
Aid amounts to $ 3.1 billion - but only about $ 800 million has been distributed so far. Benefits are paid out after the work is completed and the projects in the database are all at an early stage, according to ESD officials.
Creation and maintenance of jobs
The database shows that only one project - a business expansion in Rochester - failed to deliver on the promises of employment and / or investment made in return for state aid.
45% of the projects require the creation and / or maintenance of a certain number of jobs. So far 2,870 jobs have been created nationwide, 8% of the promised 35,450. A further 85,780 jobs have been retained.
Get the Biz Briefing Newsletter!The latest LI business news in your inbox Monday through Friday.
By clicking on Register, you agree to our privacy policy.
Eric Gertler, CEO of ESD, said the database "contains thousands of data points that will enable New Yorkers to learn more about the work our agency does and our commitment to public transparency."
The database complements more than 50 reports that ESD produces either quarterly or annually on its efforts to strengthen New York's economy.
Impulses for the database
Gertler and his predecessor Howard Zemsky were criticized by lawmakers during budget hearings for the lack of a so-called "database of transactions". Two years ago, Cuomo instructed to create a database, although ESD cannot be more than three years ago due to its new "data management" software.
The call for a database was heightened after eight people were sentenced in 2018 to steer more than $ 850 million in government-funded contracts to Cuomo allies for development projects in the backcountry, including the Tesla solar module factory in Buffalo. The "Buffalo Billions" scandal killed longtime Cuomo aide Joseph Percoco, who was convicted of receiving $ 300,000 in bribes from developers.
ESD officials said the database is updated every three months.
One of the good government groups that campaigned to create the database, the New York Public Interest Research Group, said Friday that information about further deals needs to be included.
The ESD database "is too weak," said Blair Horner, executive director of NYPIRG. "It needs to cover more contracts and make more information available to the public for review."
James T. Madore writes on Long Island business news, including the economy, development, and the government-business relationship. Previously, he was head of the Albany office.
read more
Comments
Post a Comment