A $455 million loan to Belmont Park is on track to get approved alongside $480 million in expanded tax breaks for film, TV, and Broadway productions after the state Senate and Assembly last week ba…
and Broadway productions after the state Senate and Assembly last week backed Gov. Kathy Hochul’s plans for them in her $227 billion draft budget.“Please. New York Democrats, freeze your misguided love affair with trickle-down economics and corporate giveaways,” Dr. Elizabeth Marcello, a senior research analyst at Reinvent Albany, told reporters at the Capitol on Monday.
Hochul’s proposal would expand the total costs of a TV or film production that the state will rebate from 25% to 30% while increasing the current pot of money available to Hollywood from $420 million to $700 million. “Given the fact that the battle cry to subsidize theatrical productions centers around an actual street … the threats about them leaving town rings even more hollow,” Girardin said.
“You’re kind of hitching your wagon to an industry that is in long-term decline,” Victor Matheson, a Holy Cross College professor and expert on sports economics, told The Post last month. “A new Belmont Park will create good jobs and generate important economic opportunities for residents in the communities surrounding Belmont–that’s why the project enjoys broad support among local elected officials, community groups and business associations,” Patrick McKenna, a spokesman for the New York Racing Association that runs Belmont, said.
“New York’s entertainment tax programs support tens of thousands of good-paying jobs and billions in annual spending across the state, and when New York lowered its film tax credit in 2020 as other states raised theirs, it resulted in vacant film studios and jobs moving across the Hudson. This is not movie magic, it is basic economics,” a spokeswoman said.
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