How quickly are business tax credits growing in New York?

Very quickly, based on these two charts included in the unpublished addendum to the Solomon-McCall tax commission Capital’s Jimmy Vielkind got his hands on the other day.

The first chart below shows how business tax credits had a steady, but not dramatic, growth starting around 1994, the last year of Gov. Mario Cuomo’s time in office.

That year, there were nine tax credits for businesses that cost the state about $200 million.

Eleven years later, the tax credits ballooned to 33, with a cost of $673 million.

Now there are 50 different business tax credits that cost the state an estimated $1.7 billion (out of a roughly $130 billion budget) that is triple the cost of 2005.

taxchart1

In this second chart, the well-documented increase of the film-production tax credit is outlined in green. But the largest growth in the last four years has been the Brownfield tax credit.

“In 2009, brownfield tax credits cost the state $142.1 million, increasing to an estimated $503 million by 2013,” the report found.

taxchart2

Liberal and conservative budget analysts alike have been critical of various state tax credits for the cost on the state budget and complications they bring to the overall tax code.

A major h/t is due to The Daily News’s Bill Hammond who pointed this out the other day.