Tagged: upstate economy

The hot, dry weather is taking a toll on crops in the region. Scattered heavy rains have brought some relief to some areas, but overall, production of field crops like hay and corn is suffering. In the North Country, it's been decades since the area experienced a summer so dry.

More tax breaks does not equal more jobs.

That's according to State Comptroller Thomas DiNapoli's latest report on New York's industrial development agencies (IDAs).

In his fifth report on IDAs [PDF], DiNapoli says the number of jobs created by the local economic development engines dropped by 22,000 from the year before.

DiNapoli also cites a $483 million gap in what IDAs gave out in tax breaks and how much they took in via payments-in-lieu-of-taxes (PILOTs).

That breaks down, the report finds, to a $2,659 cost per job - up 9 percent from the year before.

"Taxpayers are not getting enough bang for their buck when it comes to IDAs," DiNapoli said in a statement.

The U.S. Senate is considering legislation that would attempt to boost the economic recovery by way of tax breaks for businesses. Senator Charles Schumer is a big booster of the bill.