Bill > S10269

This bill amends the general municipal law to add a new section that prohibits town, city, or county industrial development agencies from entering into agreements that require payments in lieu of taxes or waiving any other tax that would otherwise go to a school district. Industrial development agencies (IDAs) are local government entities that promote economic development, and sometimes they offer tax abatements or exemptions to businesses to encourage them to locate or expand in their area. This bill aims to ensure that school districts, which rely on property taxes for funding, do not lose out on revenue due to these tax waivers or in-lieu-of-tax payments made by IDAs.