Rumana Proposes Reform To Spur Economic Development

Assemblyman Scott Rumana Monday announced plans to introduce legislation reforming the state’s Payment in Lieu of Taxes programs.

PILOT programs allow municipal governments to forego hundreds of millions of dollars in tax reductions and exemptions in order to spur economic development in their communities.

“PILOTs can be a useful tool for communities to stimulate economic development,” Rumana, a Republican, said, “however, the lack of oversight and ability to ensure these tax breaks are appropriately awarded and accomplish their intended goals needs to be corrected.”

Rumana’s proposal would require local and state officials to review and follow-up on what developers say they are going to do.

Local tax listings would clearly identify redevelopment and rehabilitation abatements to promote transparency.

(Pictured: Assemblyman Scott Rumana/Patch file photo)