Bill > A11214

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 for compliance with program requirements and restrictions, including job and investment targets, and to assess taxes if these targets are not met. It mandates that IDAs post detailed information about their members, meetings, and projects, including the specifics of any tax exemptions offered, on their websites and also requires IDA members to adhere to certain provisions of the Public Officers Law, such as open meetings and freedom of information laws. Furthermore, the bill introduces a tax clearance process, requiring applicants, agents, and operators to obtain a tax clearance from the Department of Taxation and Finance before an IDA can approve a project or provide financial assistance, ensuring they have no significant past-due tax liabilities or have met filing and registration requirements. The Public Authorities Control Board (PACB) will also need to approve any state tax exemptions exceeding five million dollars, with specific criteria for such approvals, and IDAs must obtain PACB approval for increases or extensions of these benefits if the total exceeds that threshold.