This week in NY corporate giveaway news:
- We examine the state’s new consultant report on the impacts of tax incentives, which confirmed that the State’s $700-million-a-year Film/TV production tax credit is a terrible deal for NY taxpayers. This despite the consultant’s rose-colored-glasses assumption that all Film/TV jobs are due to the credit. The Legislature, led by Senator James Skoufis, inserted into the state budget a provision requiring the State to hire an independent consultant to answer basic questions about state tax incentives. While the consultant (PFM Group) punted on the “but-for” question, it did the most sophisticated analysis yet of the price of the Film/TV tax credit: a net 5-year cost of $2 billion.
- Major unions are now joining the fight to stop Industrial Development Agencies from abating tax revenue that would otherwise go to schools (New York Focus).
- The Tonawanda Seneca Nation is asking the feds to reject Plug Power’s $1.6 billion loan request (The Investigative Post).
- The Town of Cicero, just north of Syracuse, is raising concerns about Micron tax breaks proposed by the Onondaga Industrial Development Agency (NewsChannel 9 WSYR Syracuse).
- Employment at Tesla’s South Buffalo plant is down – despite the factory being built and equipped with $950 million in state funds (Buffalo News).
If you got this from a friend, sign up here. Please send questions and tips to tom [at] reinventalbany [dot] org. We look forward to hearing from you!