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Panepinto calls results of recent IDA audit 'disgusting'

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Tue, May 19th 2015 05:55 pm

Panepinto: "Shame on our IDAs for continually failing to protect our residents."

State Sen. Marc Panepinto, D-Buffalo, released the following statement in response to Comptroller DiNapoli's most recent audit of New York's Industrial Development Agencies:

"To call the results of the comptroller's audit 'disgusting' would be an understatement. To see industrial development agencies within the 60th District add to that is disgraceful.

"The numbers just don't add up. Tax incentives awarded by industrial development agencies are done so with the promise that businesses will create sustainable and well-paid jobs on local level.

"Shame on our IDAs for continually failing to protect our residents. It is time to hold industrial development agencies accountable.

"As elected officials, it is imperative that we put an immediate stop to this duplicitous way of doing business and hold IDAs to the promises they've made."

The 2013 audit of industrial development agencies across New York revealed a $105 million increase in tax exemptions despite a decline in job creation by 23,000 from the previous year.

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