Budget Watchdog Urges Veto of NYC Commercial Tax Break Renewal

New York Gov. Kathy Hochul should veto a bill extending a lucrative tax break for commercial and industrial properties in New York City, the Citizens Budget Commission said Tuesday.

Legislation renewing the city’s Industrial & Commercial Abatement Program was “rushed” despite warnings that “it may be ineffective and could cost the City millions of dollars in unnecessary tax breaks if not reformed,” the budget watchdog group wrote in its letter to the Democratic governor. The legislation, S9822, was introduced and passed in the last four days of the legislative session.

The ICAP, created in 2008, offers property tax breaks ...