30/07/2010
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The Economic and Fiscal Impacts of the CAPCO Program on the State of New York
IPI USA recently completed its evaluation of the first 11 years of the Certified Capital Company (CAPCO) Program in the State of New York. This study focused on the cumulative economic and fiscal impacts of all CAPCO-funded companies over the eleven-year history (1999-2009) of the Program inclusive of its “graduates”— businesses that have fulfilled their financial obligations of their funding through the CAPCO Program.
This research found that over the first eleven year of the New York State CAPCO Program it has contributed $4.8 billion in direct spending in State’s economy resulting in economic growth over this period totaling $9 billion, supporting more than 5,000 jobs annually beyond the workers directly employed in the CAPCO companies with total personal earnings of $2.5 billion. In addition to these continuing economic benefits, the operating outlays of the CAPCO companies have generated an estimated $224 million in direct and indirect tax revenues to the benefit of the State of New York and that by the end of the Program in 2016 a total of $412 million in direct and indirect state-level tax revenues are projected to have been generated to the benefit of the State of New York.
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