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:
- We push back on billions of dollars in corporate giveaways in a chat with Susan Arbetter on Capital Tonight.
- Construction on the taxpayer-funded Bills stadium got the green light. The Erie County Stadium Corporation, a subsidiary of ESD, voted to approve the general plan for the stadium, which will cost state taxpayers $600 million.
- The New York State Senate wants to repeal Madison Square Garden’s tax break, which has saved the arena’s owner more than $900 million over 40 years.
- Will heavily-subsidized Micron actually employ existing residents in Clay? Apparently Central New York doesn’t have the skilled workforce the company needs to operate its chip fabs.
- ESD claims that giving money to Hollywood to make films in NY is “basic economics,” but independent experts disagree.
- Debunked: 25 Major Studies on Corporate Giveaways
- Major studies showing Film and TV subsidies are a bad investment.
Fun fact: Today’s fun fact is a riddle. The best answer gets published. What are other words for “crony capitalism” or “crony socialism”?
If you got this from a friend, sign up here. Subsidy Sheet is written by Elizabeth Marcello and edited by John Kaehny. Please send questions and tips to firstname.lastname@example.org. We look forward to hearing from you!