Bibliography

In addition to our own research and analysis located in our publications page, we recommend these following resources for researching development subsidies in the city and state. Many are audits and critiques of development subsidy programs and reveal a need for greater accountability and transparency in State and City programs.

New York State 

Rubin, Marilyn M. and Donald J. Boyd. New York State Business Tax Credits: Analysis and EvaluationA November 2013 report prepared for the New York State Tax Reform and Fairness Commission convened by Gov. Andrew Cuomo. 

How much do tax breaks to business cost New York State? $8 billion according to the Fiscal Policy Institute's report, "The Growing Budget Burden of New York's Business Tax Expenditures".

The Office of the State Comptroller is charged with auditing the state’s public economic development agencies including Industrial Development Agencies and the Empire State Development Corporation. The New York State Authorities Budget Office monitors various public authorities (including the NYC IDA). Its website contains Some of the agency's audits regarding the state's use of subsidies for development are below:

 

State Senator Franz S. Leichter, Money for Nothing: The High Cost and Low Success Rate of Business Subsidies in New York. February 1998. 

New York Jobs with Justice is leading a campaign to reform the 115 New York State’s Industrial Development Agencies across the state. Learn more about their efforts.

New York City

The New York City Economic Development Agency which houses the city’s Industrial Development Agency and the Capital Resource Corporation (CRC) is audited by the Office of the New York City Comptroller. The New York State Authorities Budget Office has budget and financial information for the IDA, CRC and the EDC.The City Comptroller serves as an ex-officio board member of  IDA and CRC boards. Recent audits and other information from this office include:

 

Other resources on economic development subsidies include:

Gross, Courtney. Subsidies in the City”. Gotham Gazette. April 2010.

IDA

Kleiman, Neil Scott. The Sector Sector Solution: Building a Broader Base for the New EconomyCenter for an Urban Future. January 2000.

Leichter, State Senator Franz S. New York City Corporate Welfare: City Tax Incentives Granted by the Giuliani Administration, A Failed and Foolish PolicyAugust 1997. 

Office of the State Comptroller, New York City Economic Development Corporation: Improvements Needed to Strengthen Industrial Development Agency Program, Report A-6-94. June 7, 1995. www.osc.state.ny.us/audits/

 Arenas/Stadiums

In addition to the links below, GJNY extensive research on the development of the new Yankee Stadium and other sports facilities is found in the Spotlight on Economic Development section. For those interested in sports facilities and subsidies we recommend you visit Field of Schemes,  Atlantic Yards Report,  Develop Don't Destroy Brooklyn and Save Our Parks.

Selected audits and reports on sport facilities in New York City:

The Independent Budget Office of New York City: The Proposed Arena at Atantic Yards: An Analysis of City Fiscal Gains and Losses, November 2009.

IRS, Treasury Department. Treatment of Payments in Lieu of Taxes Under Section 141,  2008.

The long-awaited ruling that will make it harder, if not impossible, to finance the construction of future sports facilities with triple tax-exempt bonds. The ruling grandfathers in financing for existing projects by making exception for projects that were “substantially in progress” as of October 19, 2006. This paved the way for the Yankees and Mets to secure millions in additional tax-free bonds for their new stadiums.  

Develop Don’t Destroy Brooklyn, Bruce Ratner's Barclays Center Arena Not Qualified for Tax-exempt Bonds Under Today's IRS Ruling, October 2008.

U.S. Rep. Dennis Kucinich, letter to Mayor Bloomberg on the use of federal tax-exempt financing for professional sports stadiums and the Subcomittee on Domestic Policy holds a hearing: Gaming the Tax Code: the New York Yankees and the City of New York Respond to Questions About the New Yankee Stadium, October 2008.

GJNY's 2007 comments to the IRS on its proposal and our letter to New York City's Congressional delegation on the subject

The lease agreement between the New York Yankees and  the New York City Department of Parks and Recreation is regularly audited by the Office of the New York City Comptroller. They include: