State lawmakers gathered in Albany on Wednesday to evaluate New York’s tax incentive programs, spurred by a 2023 report highlighting their mixed effectiveness. Discussions centered on which initiatives successfully attract businesses and which fail to deliver a return on investment.
State Senators James Skoufis and Sean Ryan criticized the lack of oversight and transparency, with Ryan calling for a complete overhaul of the state’s economic development approach. Lawmakers questioned Empire State Development Commissioner Hope Knight on tracking incentive success and potentially phasing out underperforming programs, such as the contentious film and TV tax credit.
Knight defended the programs but welcomed bipartisan reform discussions ahead of next year’s legislative session. Skoufis stressed the importance of regular collaboration with agencies beyond budget hearings to ensure these incentives benefit New Yorkers.
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