NY lawmakers slam $10 billion public subsidies, tax breaks for corporations

NY lawmakers slam $10 billion public subsidies, tax breaks for corporations

New York’s $10 billion in annual public subsidies and tax breaks to corporations were trashed as wasteful and mired in corruption during a state Senate hearing Friday. The programs that were especially cited for failing to provide the biggest bang for the buck include the hefty $420 million film and TV industry tax credit to shoot projects in New York — and former Gov. Andrew Cuomo’s upstate economic development. “Study after study has demonstrated there is a fairly poor return from states that offers a film and tax credit,” said Sen. James Skoufis, chair of the investigations committee. Under questioning, Empire State Development officials could not cite any study that the film and tax credit provides a solid return on investment. Indeed, it was revealed at the hearing that ESD …
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