Woodbury state Sen. James Skoufis discusses IDA bill he sponsored. He talks about his goal to prevent industrial development agencies from using state funds to lure businesses away from one part of New York to another. He argues that this leads to a race to the bottom for taxpayers.
Skoufis explains that IDAs offer large corporations significant property tax breaks, often leading to a bidding war that harms taxpayers. He also emphasizes that businesses should pay taxes if they move to a more suitable location. Skoufis details that New York offers substantial economic development incentives for rural and smaller communities to attract businesses without resorting to such practices.
You can watch the full interview above. And be sure to tune in for a look inside the biggest issues impacting upstate New York, on In Focus with JoDee Kenney — every Sunday on Spectrum News 1.
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