NORWICH – Industrial Development Agencies could lose their authority to grant tax breaks to private companies if they continue to send incomplete reports on project costs and job creation, State Comptroller Thomas DiNapoli announced Wednesday.
“IDAs are supposed to create jobs,” DiNapoli said. “Given the way IDAs are currently reporting information, there is no way of knowing that.”
Starting with the 2007 financial reports, the comptroller’s office will only be accepting audited statements that “are in compliance with all information requested.” Any IDA that fails to report complete data could be suspended from providing financial assistance to local businesses.
Hugh Kearney, the Chenango County IDA’s board chairman, said Thursday morning it was too early to comment on the comptroller’s findings.
“It’s premature to make a comment until I’ve had a chance to review our reports,” said Kearney.