Subsidy Sheet: Democratic NY Senate and Assembly Back Huge Expansion of Corporate Giveaways


In their one-house responses to the Governor’s proposed SFY 2024 budget, the Senate and Assembly endorsed billions in new and expanded corporate giveaways. The Legislature agreed with the Governor’s plan to give a whopping $7 billion in taxpayer reimbursements to Hollywood film and TV producers over the next decade and $300 million a year to Broadway producers. 

New York Democrats have passed some of the most progressive state tax codes and more than most states, ask the wealthy to pay their fair share. But judging from this budget and the $10 billion “Green” CHIPS subsidy that zipped through at the end of last year’s legislative session, NY Dems are not the “tax the rich” party. They are the “tax some of the rich – the rest we subsidize” party. 

Read our full analysis of the Senate one-house and the Assembly one-house.

State data shows NYS taxpayers give Hollywood producers $66,000/year for each full-time film/TV job. 

New York Corporate Giveaway News:

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Fun fact: Today’s fun fact is a riddle. The best answer gets published. What are other words for “crony capitalism” or “crony socialism”?

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