Subsidy Sheet: State inaction on Trump Opportunity Zones will cost NY $424 million a year

NY corporate giveaway news from this week:

• Tim Scott, an early champion of Opportunity Zone tax breaks for the super-rich, will soon be the Chair of the US Senate Banking Committee, and seeks to expand the OZ program (Punchbowl News). If the state does not disconnect from OZs via S543-B (Gianaris) / A2170-B (Dinowitz), NY will lose up to $424 million annually because of how the state tax code mirrors the federal government’s.
• At a meeting about the Buffalo Bills stadium’s “Community Benefit Agreement” (AKA white-washing for corporate welfare), community members pointed out that Buffalo has a nearly 30% poverty rate – and is giving the Bills’ billionaire owners $1.1 billion (WKBW).
• The federal government finalized $4.6 billion in subsidies for Micron’s planned chip fab in upstate Clay, NY (Reuters).
• NYC has resurrected a seemingly improved J-51 real estate tax break (Crain’s). Proponents say it will help pay for the costs of Local Law 97 (City Limits).
• Good Jobs First’s Arlene Martinez talks about why we should #MakeAmazonPay taxes (FAIR).

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