New York Lawmakers Call for Tax Credit Reforms Following Audit Findings
Lawmakers Push for Reforms Following Audit Revealing Ineffective Tax Credits
SYRACUSE (TNS) – New York state lawmakers are pushing for changes after an audit found that some tax credits aren’t delivering as expected. The audit, conducted by PFM Group Consulting LLC for the Department of Taxation and Finance, revealed that certain credits, like the Film Tax Credit had a negative return on investment. Lawmakers like State Sens. Liz Krueger, James Skoufis and Sean Ryan are advocating for reforms, aiming to revamp programs that prove ineffective while bolstering those that create more job opportunities.
While some credits, such as Excelsior and the Restaurant Return-to-Work programs, are generating more tax revenue than they cost, others like the brownfield and historic credits are yielding minimal direct returns. Despite this, these programs offer intangible benefits like environmental improvement and spillover effects on adjacent properties. Governor Kathy Hochul’s office stressed the importance of tax credits in driving economic growth and job creation, emphasizing the need to optimize these programs for the benefit of New Yorkers.
State Tax Credits Audit Sparks Reform Demands in New York (PHOTO: Syracuse.com)
Lawmakers Navigate Political Challenges in Pursuit of Economic Reform
Efforts to reevaluate and possibly repeal ineffective tax credits are underway, with a focus on maximizing benefits for the state. Lawmakers acknowledge the complexities of the political landscape but remain committed to improving economic incentives to ensure they serve their intended purpose of fostering growth and prosperity for all New Yorkers.
READ ALSO: $7,430 Stimulus Checks – Millions Of Americans To Receive- Check Now!
