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Report: Tax breaks costing schools big money

Subsidies granted in the name of economic development cost school districts across the state at least $1.8 billion a year, and that figure is probably a lot higher.

BUFFALO, N.Y. — Public schools across the state are losing out on close to $2 billion a year — and probably a whole lot more — because of tax breaks given to corporations by economic development agencies.

That’s among the conclusions of a study released today by Good Jobs First, a national research group that tracks economic development subsidies. The report said tax breaks affecting schools in New York far outpace those in other states.

That lost revenue has prompted state lawmakers, including Sen. Sean Ryan, to propose legislation that would prohibit economic development agencies from abating property and sales taxes that are due school districts.

“I believe we put ourselves in this position with our [IDAs] where they were trading school funding and kids futures, you know, to make speculative business deals,” Ryan said in a recent interview with Investigative Post. 

You can read the full story on Investigative Post's website

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