New York State is offering $1.7 billion worth of incentives to entice Amazon to locate its second corporate headquarters in Long Island City. While New York City is kicking in an additional $1.2 billion worth of corporate giveaways.
The tech giant’s memorandum of understanding (MOU) shows that the Empire State has offered $505 million in capital grant funds and up to $1.2 billion of Excelsior tax credits. This is the largest incentive package given to a private company in New York to date.
Fourteen months ago, Amazon announced a Bachelorette-style competition to find its second headquarters. More than 238 cities applied for the promise of up to 50,000 jobs and a $5 billion capital investment.
New York State submitted several regional bids and New York City’s proposal ultimately came out on top. Just last week, Amazon announced it would split its second headquarters between Crystal City, a suburb of Washington D.C., and Long Island City, in Queens.
Governor Cuomo’s administration and Empire State Development refused to offer any details on their incentive package. Until now. New Yorkers just learned that they will be forced to subsidize one of the wealthiest companies on the planet.
New York spends more on economic development than any other state. In fact, it hands out more in subsidies and incentives than the next three states combined.
The Empire State spends billions of dollars every year on economic development without transparency and accountability. This spending is directly linked to the rampant corruption plaguing Albany. Look no further than the latest guilty verdict in the Empire State’s corruption saga from Joseph Percoco, former top aide to Governor Cuomo.
In order to create jobs, Albany needs to make New York welcoming to all businesses. The left and right can unite on this basic principle: we should not be handing over 1% of our entire state budget to 2nd wealthiest company in the world. Albany must stop handing out taxpayer money to select special interests. Especially when they’re worth nearly one trillion dollars.
Join the fight to make New York transparent and affordable, and help reclaim New York today!