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New York’s Industrial Development Agencies (IDAs) supported more than 4,500 projects and provided $554 million in net tax exemptions in 2012, but estimated job gains were 2,400 lower state-wide than the previous year, according to a report issued Tuesday by State Comptroller Thomas P. DiNapoli. This is DiNapoli's seventh annual report examining the performance of the state's IDAs.

“In many parts of New York, IDA projects provide a much-needed boost to local economic development efforts,” said DiNapoli. “However, I continue to stress the need for more accountability and disclosure to ensure taxpayers are getting their money’s worth. Accurate reporting is vital for determining whether job creation goals are reaching their benchmarks and this report shows improvements need to be made. New Yorkers should not be left to doubt the effectiveness of providing businesses with tax breaks and other benefits.”

DiNapoli’s report found the state’s 112 active IDAs provided $1.3 billion in total tax exemptions in 2012.

Local property taxes accounted for $552 million of total IDA tax exemptions while school property tax breaks accounted for $461 million. Other exemptions included state and local sales tax, county property taxes and mortgage recording taxes.

The exemptions were partially offset by $766 million in payments-in-lieu of taxes, leaving the total net exemptions for the year at $554 million – an increase of $47 million, or 9.3 percent, from 2011.

In 2012, IDA projects reported a total of 674,178 full-time jobs, which reflects an increase of 214,102 jobs over the life of these projects, at an average cost of $2,588 per job gained. In 2011, cumulative job gains equaled 216,519 with an average cost per job of $2,342.

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