NY corporate giveaway news from this week:
- New York State Comptroller DiNapoli says Empire State Development needs to be more transparent about its 130 real estate properties. See our Open ESD report for dozens of additional recommendations for improving the transparency and accountability of the state’s highly politicized conduit for billions in wasteful corporate subsidies.
- We asked Governor Hochul to veto a state bill that would extend NYC’s ICAP tax break, which has ballooned from costing taxpayers $300 million in 2020 to $500 million in 2024. The bill is also opposed by the watchdogs at the business-backed Citizens Budget Commission, who note that the state has conducted no assessment of the program’s effectiveness. CBC’s Sean Campion, a highly respected analyst of corporate subsidies, spoke on Capitol Pressroom about why their organization opposes the bill.
- A new analysis casts even more doubt on the effectiveness of Trump’s Opportunity Zones program (Bloomberg Tax).
- We rarely see New York state or local government claw back subsidies, so are glad to see that Pall Corp, which manufactures filtration products, must repay $239,000 in tax breaks to LI’s Nassau County IDA following layoffs (Newsday).
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