After Amazon flop, NY lawmakers rethink corporate subsidies
ALBANY, N.Y. (AP) — Some New York lawmakers are proposing a ban on subsidies for particular companies in the wake of Amazon’s decision not to build a new campus in Queens.
State Assemblyman Ron Kim and Sen. Julia Salazar on Wednesday proposed legislation that would stop the state from awarding company-specific subsidies and instead treat all companies the same when it comes to economic incentives.
The two New York City Democrats say big subsidies to wealthy companies reduce available funds for education, housing and transportation.
The bill would also ask other states to join New York in banning company-specific subsidies to ensure states that do so aren’t put at a competitive disadvantage.
Amazon announced last week that it was dropping its Long Island City project, which was set to receive billions in state and New York City incentives.