New York’s local Industrial Development Agencies (IDAs) reported a record high total project value of $132 billion in 2022, marking a $5 billion (3.9%) increase from 2021, according to State Comptroller Thomas P. DiNapoli’s annual report released on May 22.
“IDAs were created to help grow local economies, businesses, and job markets,” DiNapoli said. “The tax breaks they provide can impact local tax collections, and New Yorkers should weigh the benefits against the costs. Our reports aim to increase transparency and accountability.”
In 2022, IDAs managed 4,320 active projects, estimated to create 213,887 jobs with a median salary of $42,000 and retain 224,234 jobs with a median salary of $45,430. Total tax exemptions amounted to nearly $2 billion, with property tax exemptions representing 87.5% of this total. Net tax exemptions totaled approximately $1.1 billion, nearly double the amount in 2012. Clean energy projects saw significant growth, increasing by 52.9% from 2021 to 2022.
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