NY Senate OKs Package deal Reining In Native Tax Break Powers

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TCJA Optimization Deal, Extenders Might Pursue Year-End Tax Law - Law 360

Law360 (June 3, 2021, 7:42 PM EDT) — New York’s local industrial development agencies would be prohibited from providing tax breaks to lure businesses from other locations in the state as part of a package of bills passed Thursday by the state Senate. 

The New York State Senate on Thursday passed 10 bills meant to reform and bring accountability to local industrial development agencies. (AP Photo/Hans Pennink)

The Senate Democratic majority advanced the 10-bill package, arguing it would reform and bring accountability to local industrial development agencies, or IDAs, across New York. The bills now go to the Assembly, also controlled by Democrats, for consideration.

Senate Majority Leader Andrea…

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