Legislative Press Release from Assemblyman Kieran Lalor
Fishkill, NY – (1/20/14) – Assemblyman Kieran Michael Lalor (R,C,I-Fishkill) is renewing his call for New York to end Governor Cuomo’s expensive and non-productive Hollywood tax credits. Lalor’s statement comes after reports revealed “The Wolf of Wall Street” received the most tax credits of any Academy Award nominee, courtesy of New York taxpayers.
“New Yorkers subsidized 30% of the film’s $100 million budget for Martin Scorsese and Leonardo DiCaprio,” said Lalor. “Every New York taxpayer should get a free DVD, a producer credit and the chance to come on stage if the movie wins the Best Picture Oscar. Maybe they could let each New Yorker have a day with the Oscar, like NHL teams do with the Stanley Cup.”
Lalor continued, “This scamming of taxpayers might be worse than anything in the film and, sadly, it’s all legal. These subsidies for Hollywood moguls and stars don’t create the permanent jobs we need. At best, they are a very short-term boost. But that is a bad return for this kind of money. Even the governor’s own tax commission admitted that the Hollywood tax credits don’t grow the economy.”
According to research by the Manhattan Institute, taxpayers don’t even come close to breaking even on movie production tax incentives. A report from the Manhattan Institute’s Economic Policies for the 21st Century says, “Data from several states find movie production incentives generate less than 30 cents for every lost dollar in tax revenue.”
“It’s no secret why Albany is keen on lavishing Hollywood with tax dollars. Governor Cuomo is running for president and friends in Hollywood offer glamour and campaign cash. Cuomo is heading to Los Angeles for a fundraiser on Thursday. These tax credits pay off for the governor, but not for any other New Yorkers,” Lalor concluded.
Assemblyman Kieran Michael Lalor, a former teacher at Our Lady of Lourdes in Poughkeepsie, is a Marine Corps veteran of Operation Iraqi Freedom and a frequent guest on the Fox News Channel. Lalor is of counsel to the law firm Gaines, Novick, Ponzini, Cossu & Venditti. He is a graduate of John Jay High School, Providence College and Pace Law School and lives in Fishkill with his wife Mary Jo and their four young children Katie, Riley, Mikey and Kieran Jr.