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 * Home
 * Issues
   * Strong Democracy
   * Clean, Accountable Government
   * Open Government, Freedom of Information
   * Fact-Based Public Investment
 * Media & Publications
   * In the News
   * Reports and Fact Sheets
   * Reinvent Albany State Bill Memos
   * Subsidy Sheet
 * Blog
 * About
   * Mission
   * Staff, Board, and Funders
   * Organizational Information
 * Donate

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SUBSIDY SHEET: WILL THE NYS LEGISLATURE REALLY AGREE TO $7 BILLION IN STATE CASH
HANDOUTS TO HOLLYWOOD?

   
March 10, 2023
 

In a few days we will know if the NY State Senate and Assembly reject or support
the Governor’s massive package of new corporate giveaways, which is headlined by
an astounding $7 billion in state reimbursable grants to Hollywood producers. 

The legislature’s “one-house bills” are coming out on Monday or Tuesday and will
show the public where they really stand on corporate giveaways. 

Earlier this week, we analyzed the state’s fourth quarter 2022 report on
film/TV subsidies and learned that New York taxpayers are paying an
astounding $66,819/year per full-time job equivalent. We also co-published with
the American Economic Liberties Project a summary of major studies showing that
film/TV tax credit programs create little payoff. One study found that the
average return for every dollar spent on film/TV subsidies was just 27 cents!

–

New York Corporate Giveaway News

 * There are many problems with the Governor’s proposal to use taxpayer dollars
   to renovate the Belmont horse track, including that it would lock down Video
   Lottery Terminal revenue for the Racing Association for decades to come.
 * The usefulness of subsidies for corporations was back in the
   spotlight following the announcement that Amazon will pause construction at
   its HQ2 site in Virginia. 
 * Trump-era Opportunity Zones could be funding guns, oil, and crypto operations
   in other states. Our own Tom Speaker went on Capitol Pressroom to make the
   case for ending OZs in NYS. We also re-released our memo of support for the
   Gianaris/Dinowitz bill ending the tax break.
 * Will the Legislature take a stand and freeze the billions of dollars of
   subsidies handed out to private corporations and wealthy investors every
   year? Advocates like Reinvent Albany have certainly made a strong case for
   it! 
 * Governor Hochul might be ready to change gears on Penn Station. Let’s hope
   she doesn’t include taxpayer money for Vornado in those new plans. 
 * Five tax breaks in the Governor’s budget could cost local governments as much
   as $2.84 billion per year if the state meets its housing goals, according to
   a new report by the Fiscal Policy Institute.

–

Fun fact: The Port Authority of NY and NJ, formed in 1921, was the first public
authority in the United States. Modeled after the Port of London Authority
founded 12 years earlier, the authority was designed to to manage the economic
vitality of New York Bay.

–

If you got this from a friend, sign up here. Subsidy Sheet is written by
Elizabeth Marcello and edited by John Kaehny.


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