CBS 6: Tax breaks to new businesses in NY are keeping money from the classrooms
“Are schools — and your children — getting a raw deal when it comes to tax breaks given to new businesses?
Some powerful people at the State Capitol think so, and they want to change that.
The chairs of the Senate and Assembly Economic Development committees say the tax waivers given out by industrial development agencies to lure new businesses, take money right out of your child’s classroom. And they say there’s no proof that the incentives create any kind of economic boon. The waived taxes would otherwise go to local school districts.
Schools in New York State lost at least $1.8 billion in fiscal year 2021 to corporate tax abatements, that’s according to a study just released by Good Jobs First, a Washington-based non-profit group focusing on economic development tax policy.”
Watch the full story at CBS 6.
Read the Good Jobs First report, “Corporate Subsidies versus Public Education: How Tax Abatements Cost New York Public Schools.”