NY corporate giveaway news from this week:
- Over objections from Reinvent Albany and the Citizens Budget Commission, Governor Hochul signed a bill extending the ICAP tax break, which costs NYC $500 million a year, a number that is certain to keep going up. In our memo of opposition to the bill, we noted the absence of evidence that the program does anything. See coverage in The Center Square and Crain’s.
- The Times Union called for an end to a 99-year tax break from the City of Albany to a local retirement community. The tax break is valued at $29 million.
- The fiscally conservative CATO Institute says state and local tax subsidies should be eliminated, and also offers ideas for reforms.
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