Let’s Set the Record Straight About IDAs

The BCW made its voice heard last week in a letter to the editor taking exception to a report in the Journal News/Lohud on the role that Industrial Development Agencies (IDAs) play in spurring economic growth and creating jobs. The series “Taxed Off” looked at tax exemptions and how they impact the regular taxpayer. While the report’s research was laudable, it painted an inaccurate picture of the true impact of IDA incentives. In the letter, the BCW pointed out that over the past six years the Westchester County IDA approved incentives for some 60 projects that resulted in creating 7,500 construction jobs, 4,600 permanent jobs and retained 6,300 jobs. Additionally, the county’s Local Development Corporation (LDC) has approved $765 million in tax-exempt financing for 15 not-for-profits including four hospitals, two senior housing facilities and Pace University. Taking a stand on issues of importance to our economy is yet another example of the type of advocacy that the BCW provides and the importance of adding our voice to the mix.

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By | 2017-12-22T11:03:15-05:00 November 10th, 2016|News, Uncategorized|0 Comments

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