New York Comptroller Thomas DiNapoli has reported that the state’s industrial development agencies have improved their transparency but have to do more.

The agencies were created to facilitate the attracting, retaining and expanding of businesses. To accomplish this, the agencies offer tax-exempt debt financing and exemptions from property, sales and mortgage recording taxes. To offset the loss of taxes to their communities, many of the benefiting companies make annual payments-in-lieu-of-taxes.

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