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New York’s left-wing hypocrites set to increase tax breaks for Hollywood

It’s the welfare of Hollywood, courtesy of the taxpayers of New York.

Left-wing hypocritical politicians are set to approve even more costly tax breaks for the local film and TV industry, despite progressives recently pushing to cancel what amounted to a fraction of those proposed subsidies for Amazon’s now-aborted headquarters in Queens, according to a new analysis and reviews.

Movie and TV-related hiatuses currently cost New York taxpayers a staggering $66,819 for each production job per year, said Reinvent Albany, the watchdog group that conducted the study.

Compare that huge figure to the $19,329 total in subsidies the state and city would have paid per full-time job for Amazon’s headquarters in Long Island City, a plan thwarted by liberals who allegedly seek their own interests. .

“It’s completely insane. It’s gross. It’s a complete corporate mess,” said John Kaehny, executive director of Reinvent Albany, referring to the Hollywood-tailored tax breaks.

Of course, left-leaning Hollywood titans are big campaign donors to New York politicians.

For example, filmmaker Steven Spielberg donated the maximum $47,100 to Governor Kathy Hochul’s campaign last year with his wife Kate Capshaw, after taking advantage of the state tax credit while making the film. “West Side Story”.

Film production trucks set up in Manhattan on March 25, 2023.
Robert Miller

Now the same liberal Albany lawmakers who rejected Amazon’s proposed $3 billion campus project because too many corporate giveaways are about to sign off on the much bigger 7.7 deal. billion over 11 years for movies and television under the new state budget plan. should be approved on April 1.

Currently, film and television tax credits cost the public treasury $420 million a year.

But Governor Hochul’s $227 billion budget proposal would add five more years to the existing six-year program and increase the taxpayer subsidy from $420 million a year to $700 million a year. The Democratic-led Assembly and Senate have offered similar proposals.

Governor Kathy Hochul's budget proposal includes additional tax relief for the film and television industry in New York.
Governor Kathy Hochul’s budget proposal includes additional tax relief for the film and television industry in New York.
Matthew McDermott

Productions would see state rebates increase from 25% to 30% of their total eligible costs.

“Absolutely huge,” Kaehny said.

“Yet, although each film/television job costs 3 times as much as a [Amazon] HQ2, some of those same critics are about to vote for a state budget that includes 11-year aid from New York taxpayers to Hollywood producers at a total cost of $7.7 billion,” indicates the study.

The New York Film and Tax Credit increase will require taxpayers to reimburse 30% of eligible personnel costs incurred by an individual producer or company.

Progressive lawmakers like State Senator Michael Gianaris are poised to pass the tax breaks despite opposition to similar grants for Amazon's proposed facility in Queens.
Progressive lawmakers like State Senator Michael Gianaris are poised to pass the tax breaks despite opposition to similar grants for Amazon’s proposed facility in Queens.
AP Photo/Hans Pennink

The refund is sent as a tax refund to the producer and is based solely on the declared production expenses.

“Taxpayer reimbursement is assured regardless of whether a production is profitable or a bombshell,” the analysis says.

State Sen. Michael Gianaris (D-Queens), the powerful Deputy Majority Leader whose opposition helped force Amazon honcho Jeff Bezos to remove the online retail giant’s planned seat in Long Island City, had no immediate comment.

Hochul’s office also did not immediately comment.

His economic development officials have previously defended the expansion of the film and television tax credit, saying such a move would protect 57,000 jobs in the state while making New York more competitive with states such as than New Jersey, as they extend their own perks to attract productions.

“The proposed enhancement to the movie tax credit will grow the film industry and keep New York competitive in this very important sector of our economy that has generated more than $20 billion in spending and created 57,300 direct jobs. and indirect in the Empire State,” a rep said. for Empire State Development, which oversees the tax credit, said in a statement to the Post last month.


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