Rochester, NY, Feb 16, 2011 — New York relies heavily on perks like tax breaks to induce businesses to come or grow here. According to a study by the Fiscal Policy Institute, the state handed out more than $5-billion in tax incentives last year alone. But as the Innovation Trail's Zack Seward reports, business groups say structural changes are needed if New York wants to boost economic development. Go to full article
The long term decline of upstate New York... did not happen because we did not have good economic development programs.
Albany, NY, Feb 03, 2011 — In his budget speech Tuesday, Governor Cuomo made clear the deep cuts he proposes are only a short-term fix. The long-term answer to New York's fiscal crisis, he said, is economic development.
New York's economic development strategy is in a state of flux. Empire Zones of the Pataki-era are yielding to regional economic development councils proposed by Andrew Cuomo.
But for decades, incentives and perks have been the main way to attract companies to do business in New York. The Innovation Trail's Emma Jacobs reports on that history. Go to full article
Oct 16, 2006 — New York's Empire Zone program is supposed to give companies tax breaks in exchange for creating new jobs. An investigation by the Syracuse Post-Standard newspaper has found in many cases, that's not happening. Of the ten companies that got the biggest property tax refunds in 2003, none created more than 20 jobs. Some cut positions. Still, the companies gobbled up $56 million in tax breaks. One is based in Potsdam. David Sommerstein spoke with the Post-Standard's Mike McAndrew, who co-authored the reports. He says the most egregious example is New Jersey-based NRG Energy, which owns electric generating stations in Oswego and western New York. In 2003, NRG Energy claimed $22 million in tax credits, and created one-half of one job. Go to full article