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Davidson News

New York Lawmakers Propose Tax Credit Overhaul: Job Creation at Stake!

Audit Highlights Issues

Disparities in New York Tax Credit Programs

According to the Olean Times Herald, some New York lawmakers want changes after finding problems with tax credit programs. An audit by PFM Group Consulting LLC for the state Department of Taxation and Finance looked at these credits. They found that Excelsior and the Restaurant Return-to-Work programs brought in more tax money than they cost. But others like the Film Tax Credit, didn’t do much financially.

READ ALSO: Maryland’s House Bill 1515: Sales Tax Reduction Proposal Raises Concerns Over Expanded Coverage And State Spending!

New York Lawmakers Propose Tax Credit Overhaul: Job Creation at Stake! (PHOTO: The Hollywood Reporter)

New York Lawmakers Advocate for Tax Incentive Reforms

Senators Liz Krueger, James Skoufis, and Sean Ryan say some tax incentives don’t help New Yorkers enough. New York lawmakers want to fix programs that create jobs and grow the economy. They might even get rid of ones that don’t work well. However, deciding on changes can be tough because New York lawmakers have different opinions, especially on credits for things like film production. Governor Kathy Hochul’s office thinks tax credits are still important for creating jobs and helping the economy, and they want to improve them for New Yorkers.

READ ALSO: A $600 Child Tax Benefit For Every CT Child: Obstacles Stand In The Way!

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