Wednesday, September 22, 2010

Money for nothing

From the NY Post:

These jobs are worth millions.

Nearly 600 city businesses got $262 million in tax breaks in exchange for creating or providing jobs -- but some are not making good on their pledges.

The companies -- many of them Fortune 500 firms headquartered in the Big Apple -- had created about 20,000 jobs as of 2008, according to self-reported figures.

But that's a fraction of the nearly 100,000 they had promised to deliver as part of long-term deals with the Industrial Development Agency, which offers tax incentives and exemptions to keep companies here.

Good-government groups are critical of the IDA deals, citing a lack of transparency and inadequate oversight.

2008 was the first year that the IDA-aided companies logged their annual results directly to state Comptroller Thomas DiNapoli, who is pushing legislation that would increase oversight of IDA's self-generated reports.

The city's Economic Development Corp., which oversees the IDA, said it requires companies to annually detail their hiring. But the agency doesn't audit what the companies report.


Anonymous said...

What is the IDA?

Deke DaSilva said...

"Money for nothing"

I hope the chicks are free!

Anonymous said...

EDC is ensuring that dozens of library jobs will be lost so they have funding to move the millstones to a library branch to perhaps satisfy someone's whim.

Miles Mullin said...


ha ha ha