Saturday, January 12, 2019

  WXPort  

  

State reviews IDA sales tax exemptions

ALBANY – Three area county industrial development agencies were among nine reviewed by the State Authorities Budget Office concerning their monitoring of sales and use tax exemptions provided to economic development projects.

The IDAs in Dutchess, Orange and Sullivan counties were among those reviewed.

Orange County IDA Chief Operating Officer Laurie Villasuso said concerns in the audit have been addressed.

“Some deficiencies that they pointed out even when they were onsite we immediately reacted to such as companies who would appear to exceed their sales tax exemption, a new document that the State of New York required that we weren’t aware of at the time – we fixed both of those areas in the interim, and also shoring up our compliance practices going forward to make sure we are aggregating sales tax exemptions year over year and managing things more closely,” Villasuso said.

Of the nine IDAs reviewed, Dutchess, Sullivan and Rensselaer counties were found to adequately monitor sales and use tax exemption.

The Orange County IDA sales tax exemption to IBM in Sterling Forest was found to be exceeded by $264,000, but Villasuso said that was due in part to the corporation’s fiscal year not being the aligned with the calendar year.


Copyright © 2019 Mid-Hudson News Network, a division of Statewide News Network, Inc.
This story may not be reproduced in any form, by any media, without express written consent.
This includes rewriting, broadcasting and/or printing of material from MidHudsonNews.com,
by websites, radio and television stations, newspapers or other media

 

 


HEAR today's news on MidHudsonRadio.com, the Hudson Valley's only Internet radio news report.