NY tax incentives and business subsidies
Thu December 12, 2013
Cuomo announces $750 million in state economic development grants
The money will fund 824 projects around the state, including several on Long Island.
New York Governor Andrew Cuomo said on Wednesday the decision on which projects to fund came at a regional level.
New York state spends about $7 billion on tax incentives and business subsidies each year.
The projects on Long Island include $2 million for a new innovation and discovery facility at Stony Brook University, another $2 million for research at Brookhaven National Laboratory and a Robotics lab at Hofstra University, as well as more than $1 million in infrastructure improvements at Enterprise Park in Calverton.
Regional Economic Development Councils, or REDCs, were put in place in 2011 to help coordinate this kind of spending.
But as the Innovation Trail’s Kate O’Connell reports, concerns remain about the transparency and accountability of the state's subsidy programs.