Bill > S10100

This bill reforms the Industrial Development Authority (IDA) program by granting the Commissioner of Taxation and Finance the authority to audit IDA projects, agents, and operators to ensure compliance with program requirements and restrictions, including job and investment targets, construction, and expenditures, and to assess taxes if targets are not met. It also mandates that IDAs post crucial information on their websites, such as meeting notices, agendas, minutes, member details, and project descriptions including tax exemption benefits, and requires IDA members to adhere to specific provisions of the Public Officers Law, such as open meetings and freedom of information. Furthermore, the bill introduces a tax clearance process, requiring applicants, agents, and operators to obtain a tax clearance from the Commissioner of Taxation and Finance before an IDA can establish a project or provide financial assistance, ensuring they have no significant past-due tax liabilities, have filed required tax returns, and are properly registered. The Public Authorities Control Board (PACB) will also need to approve IDA financial assistance exceeding five million dollars in state tax exemptions, with a focus on preventing competitive advantages over existing businesses.