Podcast: Sen. Sean Ryan discusses IDA reform (Investigative Post)
Ryan has long been a critic of industrial development agencies. He's now chairman of a committee dealing with subsidy programs and has proposed changes to rein in what he considers abuses.
Throughout the State of New York, industrial development agencies give out tax breaks to companies in order to bring and expand operations to local communities. From entities as large as Amazon to as small as an A&W restaurant, these deals usually involve companies paying reduced property and sales taxes over an extended period of time.
But, as Investigative Post’s J. Dale Shoemaker has reported, those deals can have expensive consequences for the community; including its children. Those expensive consequences include nearly $2 billion drained from public schools each year throughout the state. New York State Senator Sean Ryan believes these “speculative business deals” are trading away children’s futures.
Shoemaker sat down with the senator to talk the business of economic development and how it may be hurting communities.
Watch via YouTube or listen as a podcast.