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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

StateNew York
Effected JurisdictionNew York City
Jurisdiction type: Municipality
Fiscal year ending In2019
Program nameUrban Development Corporation (currently known as Empire State Development Corporation [ESDC])
Program purpose: Construction/rehabilitation
Statutory authority: McKinney’s Unconsolidated Laws of NY: Section 6252.
Abating jurisdiction(s): State of New York
Applicable taxesReal Preoprty Tax; State and Local Sales Tax; Mortgage Recording Tax
Method of abatement: (not specified)
Provisions for recapture: (not specified)
Gross revenue loss: $325,700,000
Reimbursement / offset: $0
Net revenue loss: $325,700,000
Type of loss: Passive
Additional notes on dislosure(none)