Finch: Further Burden on Upstate Business Another Step in the Wrong Direction

Prevailing Wage Legislation to Increase Costs for Business Development
February 9, 2009

Assemblyman Gary D. Finch (R,C,I – Springport) today announced his opposition to legislation that would damage the economy of the Southern Tier by unnecessarily placing burdensome restrictions on businesses receiving Industrial Development Agency benefits.

According to Finch, Assembly Bill A03659, introduced by Assemblyman Sam Hoyt, would require those businesses that take advantage of IDA benefits to hire only union workers and pay prevailing wages for any construction or building renovation work.

“IDAs were designed to promote economic development and to create jobs,” said Finch. “These restrictions would, in effect, negate any potential benefits bestowed by IDAs and would exceed the financial benefits businesses receive. We cannot afford to do any more damage to our economic climate and should actually be doing the exact opposite – cutting taxes and investing in the future.”

Finch also stated that prevailing wage requirements, along with other strict guidelines and regulations would completely counteract any positive benefits derived from IDAs.

“Promoting business and cutting taxes is the real solution, not further crippling an already struggling economy,” Finch stated.