ALBANY, NY-The final state budget will not include a provision granting Gov. Andrew Cuomo veto power on how local Industrial Development Agencies grant tax incentives.
The soon-to-be enacted state budget does not include a provision in the governor's original proposal that required IDAs gain approval from the Cuomo cabinet and local regional economic development councils before handing out state sales tax exemptions, according to the Albany Business Journal.
"The governor's proposal was significantly improved by the Legislature. We're obviously grateful for their understanding and perseverance," says Brian McMahon, executive director of the New York State Economic Development Council, an Albany-based organization that lobbies for IDAs and other development officials in the state. He adds that the state budget, when finalized, will allow for the state to recoup sales-tax exemptions from any company not living up to its pledged job creation numbers. See story in the Albany Business Journal.
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