BILL NUMBER: S2297
SPONSOR: MAYER
 
TITLE OF BILL:
An act to amend the general municipal law, in relation to allowing for
the examination of industrial development agencies and not-for-profit
corporations by county comptrollers
 
PURPOSE:
To allow for independent examination and audit of industrial development
agencies and not-for-profit corporations on the local county level.
 
SUMMARY OF PROVISIONS:
Section 1 adds a new section to the public authorities law permitting
the county comptroller or local equivalent to examine and audit the
projects and actions of industrial development agencies operating within
a county as well as local not-for-profit corporations.
Section 2 sets the effective date.
 
JUSTIFICATION:
New York state law authorizes industrial development agencies (IDAs) to
grant incentives, including tax abatements and payments in lieu of taxes
(PILOTs), to businesses and projects to promote job growth and the
vitality of our local economies. The actions taken by IDAs, including
granting PILOTs and tax abatements, and the terms of those incentives,
have substantial impacts on community members, workers, and taxpayers,
yet many of these actions are veiled from those that are affected.
This bill would add an additional level of accountability by allowing
local audits and examinations of IDA projects and actions by the county
comptroller or local equivalent. Additionally, this bill authorizes the
examination of local not-for-profit corporations such as local develop-
ment corporations. These measures will enhance public confidence in
institutions designed to help people on a local level by ensuring that
the concerns of the public may be brought to the attention of those
entities most closely attuned to local concerns.
 
LEGISLATIVE HISTORY:
2019-2020: S8701, referred to Rules
2021-2022: S235A, passed Senate; referred to Local Governments in Assem-
bly
 
FISCAL IMPLICATIONS:
None
 
EFFECTIVE DATE:
This act shall take effect on the ninetieth day after it shall become
law.