ALBANY, N.Y. (AP) — A report shows some members of a New York state tax commission found that if the state ended its tax breaks for certain companies and industries such as Hollywood films, New Yorkers could save $2 billion.
For example, the state provides $400 million in tax breaks to lure TV and movie productions.
The analysis report was prepared for the state Tax Reform and Fairness Commission, but not included in the recommendations to Gov. Andrew Cuomo.
The report recommends using the funds instead to cut broad corporate and personal income taxes.
The commissioners cited studies that cast doubt on whether the tax breaks awarded in a political process are a net help to an economy or create enough jobs to be worth the lost revenue picked up by taxpayers.