A comprehensive reform bill has been introduced into the New York State Assembly that calls for cracking down on abuses in local industrial development agency financings, closing loopholes in the enacting legislation that created the agencies, and increasing state and local government oversight of these agencies.

The ravages of a regional recession have contributed to the reform movement, as local governments have become more worried about the loss of tax revenues because of the power the agencies wield in granting tax exemptions to their clients and the projects under their jurisdiction.

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