Lawmakers want to shift tax breaks away from out-of-state entities

Hundreds of millions in tax dollars could shift back to New York under a proposed bill, according to RochesterFirst. State lawmakers want to block investors from using tax breaks on out-of-state luxury projects.

The plan would separate New York from the federal Opportunity Zones program. Supporters say the current system lets wealthy investors avoid state taxes on profits.

Officials estimate the state could lose up to $284 million a year starting in 2029. Backers say closing the loophole would redirect money to schools, childcare, and other public needs.

Staff Report

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