Jimmy Fallon’s Tonight Show will be funded in part by New York State taxpayers. All the thanks goes to Governor Andrew Cuomo who happens to be ideologically-aligned with NBC and Jimmy Fallon.
NY gives $420 million a year of taxpayer money to startup movies or TV shows in the form of tax credits. The Tonight Show appears to be getting a nice share of this tax break despite the fact that they are not a startup. It will require a new bill to make it happen.
Governor Cuomo happens to have just such a bill in the budget which will be voted on in the coming days. It provides a 30% tax credit for a “relocated television production.” Governor Cuomo’s office claims that the money in the budget is not specifically for the Tonight Show but the line description sounds exactly like the Tonight Show.
Supposedly it will create jobs for extras and promote tourism. Full story at the NY Daily News.
This is good, really. We can do what California just did. They gave tax credits to businesses and then rescinded them retroactively five years later. We could do the same thing – lure them here and then demand our money back retroactively with interest and penalties.
Governor Cuomo said sequester is going to negatively impact defense, school teachers, Head Start et al in New York, but sequester hasn’t affected the tax credits being poured into this wealthy network. Why aren’t the elite paying their fair share? Is it okay to give tax benefits to the rich if they are ideologically sympatico with the politicians in power?
Assemblyman Jim Tedesco issued a press release harshly criticizing Governor Cuomo for the Jimmy Fallon tax credit after having slashed the budget for the developmentally disabled. He said it is about priorities. [Capitol Confidential]
Indeed it is.