Cost of Tax Beaks to Companies in NY Has Tripled in 6 Years
A new report shows the cost of New York’s business-tax credit program has tripled in six years.
The report which was prepared for the State tax reform and Fairness Commission found that New York’s business tax credit program cost taxpayers $673 million in 2005, this year, it’s worth $1.7 billion – almost triple what it was just six years ago.
The report shows a small percentage of businesses are getting the bulk of the tax breaks.
The report comes as Governor Cuomo, lawmakers and special-interest groups are grappling with how to curb New York’s high taxes.
Cuomo has hinted that he will propose property-tax relief for homeowners next year, perhaps through tying taxes to household income. The so-called circuit breaker program has come with a price tag of $1 billion to $2 billion a year.
Unions and liberal groups support the measure.