Letter to Editor
By Bill Ritchie
June 20, 2013
The results of New York's many "economic development" boondoggles are in.
The Alliance for a Greater New York reports taxpayers are spending $7 billion on corporate subsidies in the name of job creation.
Through programs such as "Enterprise Zones," "Empire Zones," the "Excelsior Program" and unaccountable agencies like IDAs and LDCs, taxpayers are giving away (or not collecting) massive amounts of revenue every year.
Now the governor and Legislature have created a "tax free" class of citizens and corporations through tax abatements for selected businesses and their employees at SUNY campuses. The policy will inherently harm existing businesses that do not receive this favorable treatment.
This proposal has the potential to undermine critically needed state and local budget revenue, with no guarantee that the plan will improve support for SUNY, which has faced a 75 percent drop in state support in just 10 years.
After 10 years of tax-free privileges, there is no reason to believe that favored businesses won't simply pack up and move to the next tax haven.
To read the full article, visit Albany Times Union