DiNapoli publishes IDA annual report
New York’s local Industrial Development Agencies (IDAs) reported 4,262 active projects with a total value of $114 billion in 2020, an increase of $5.3 billion from the previous year , according to an annual IDA report released by State Comptroller Thomas P. DiNapoli. While the reported value of projects has increased, the number of projects has decreased by 58, or 1.3%, since 2019. This is part of a long-term trend, where the value of projects has increased by 57% and the number of projects has decreased by 4% since 2010.
“This report gives taxpayers a clear view of financial and project data as reported by IDAs for their communities,” DiNapoli said. “CIDs can play an important role in helping local economies and businesses grow and recover from the pandemic. The tax advantages they offer have an impact on local taxes and should be looked at closely. Publishing this information, including IDA costs, increases their transparency and accountability to taxpayers. »
The DiNapoli report also revealed that the IDAs reported the following:
- For the 4,262 active IDA projects, it was estimated that a total of 225,227 jobs would be created over the life of the projects, with a median salary of $40,000, and 251,888 existing jobs would be retained, with a median salary of $44,727. According to forecasts, 44,636 temporary jobs in the construction sector would be created.
- The net number of jobs gained (reflecting current jobs reported by projects minus initial jobs reported) was 167,984 in 2020. This is the lowest number of jobs gained in the last ten years.
- Total tax exemptions for IDA projects amounted to more than $1.7 billion, up $273 million, or 19%, from 2019. Property tax exemptions accounted for 1. $6 billion, or 90% of total tax exemptions, and were partially offset by $782 million in payments in lieu of taxes (PILOTS) in 2020.
- Net tax exemptions (reflecting total tax exemptions less pilots) totaled $966 million, an increase of $171 million, or 21%, from 2019. In the ten-year period ending in 2020, net tax exemptions roughly doubled.
- Regionally, the total net tax exemptions granted were much higher in the lower state, with IDAs in New York, Long Island, and the mid-Hudson regions together granting 61% of all tax exemptions. sharp. On a per capita basis, New York’s IDA offers the lowest net tax exemptions per capita ($22), while the Capital District had the highest ($93) in 2020.
- In 2020, IDAs had total revenues of $72 million, largely made up of project fees, a decrease of $3.6 million from 2019. New York IDA recorded total revenues highest ($6.7 million), followed by Genesee County IDA ($5.7 million), Chautauqua County IDA ($4.8 million), and Chemung County IDA ($4 million) ).
- IDA’s total expenditures in 2020 were $85 million, down $11.8 million from 2019. The largest operating expenditure category was contracts for professional services, such as accounting, legal or marketing services ($22.2 million, or 26% of the total). Salaries, wages and benefits for IDA employees accounted for $19.2 million, or 23%, of the total. New York’s IDA had the highest expenditure ($8.6 million).
- The largest new IDA project in 2020 by project value ($2.4 billion) was New York City IDA’s BOP SE LLC project, which is building Two Manhattan West, a commercial office tower that is part of the Hudson development. Yards.
The report summarizes data as reported by IDAs for fiscal year 2020 through the Public Authority Reporting Information System, and is not independently verified by the Office of the State Comptroller. Three IDAs did not submit their data in time for this report. The report also contains information on local development corporations, a related type of local authority.
The DiNapoli office reviews IDA costs and results in a number of ways, including conducting audits of each IDA’s operations, providing training to IDA officials on various topics, and encouraging process improvements. and IDA reports.
Performance of Industrial Development Agencies in New York State
IDA data by region
New York State Comptroller’s Office – 2020 IDA Data by Region
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