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State Senate Democrats are at long last questioning New York’s tax subsidies for Hollywood — but only to burn the money somewhere else.
Dusting off a year-old report that confirms the $700 million tax credit doesn’t remotely generate enough economic benefits to justify the expense, Sen. Liz Krueger told reporters, “We have to get smarter in New York state about what programs we operate, whether they are worth their salt, whether they are a bad use of the public’s money.”
Yet neither she nor Sen. Jim Skoufis worried in April, when the Legislature renewed the giveway in this year’s state budget.
No, they’re just looking for available cash in case the Republicans who’ll soon run Washington reduce federal aid to the Empire State.
The massive incentive to lure Hollywood productions to New York adds up to $7.7 billion over 11 years; New York pols have long backed it because it encourages La-La-Land lovelies to hobnob with them.
The Empire Center’s E.J. McMahon, a longtime critic of the giveaway, notes the tax credit functions “more like an outright grant than a tax break” — and a grant to an industry that will still film plenty here without the bribe.
If Krueger, Skoufis & Co. do kill or at least reduce the pork, it’ll be a small step forward.
But don’t bet on them not to turn the “savings” into some even more egregious giveaway.