Issue Position: Protecting the Local Tax Base, Reforming IDAs

Issue Position

Michaelle has vowed to bring more accountability to Industrial Development Agencies (IDAs). The Town of Hempstead IDA awarded a $14 million payment in lieu of taxes ("PILOT") agreement with Macerich, owner of the Green Acres Mall. As a result, the hardworking residents of Valley Stream were burdened with an unfair and high property tax increase.

The Industrial Development Agency is designed to be a tool for economic growth and development on a local level. However, many residents are unaware of their respective IDAs and the role that they play in our taxes. Consequently, Michaelle has introduced multiple bills in the legislature aimed at improving oversight for IDAs. Legislation such as requiring all IDA meetings to be live-streamed and recorded, giving the County Comptroller audit powers over the agencies, and mandating formal communication between IDAs and taxing authorities like schools. These measures will help increase the transparency surrounding the numerous tax breaks, credits, and exemptions IDAs award each year. In order to prevent abuses, it is imperative that we increase the accountability surrounding PILOT agreements.

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