NFIB recently testified at a hearing hosted by the New York State Assembly Committee on Economic Development, Job Creation, Commerce, and Industry and Assembly Committee on Small Business about the impact and effectiveness of the state’s economic development programs. During the hearing, NFIB reiterated the need for the state rethink its economic development strategy, arguing that the state’s current practices often pick “winners and losers” and benefit certain industries or large businesses over small businesses. New York State is on track to spend nearly $1 billion subsidizing the television and film industry, a massive sum from taxpayers and small business owners, that goes into the pockets of film production companies, rather than Main Street. Small businesses do not qualify for nearly all the state’s economic development tax credits, grants, and financial incentive programs.

NFIB continues to recommend that some of the state’s economic development funds should be dedicated to small businesses, but more importantly lawmakers should focus on improving the state’s business climate. As NFIB’s testimony states, “generating a thriving economy does not require billions in subsidies and headline-grabbing projects but also relies on creating a better business environment with lower taxes, fewer regulations, and more affordable insurance.”

For more information or to listen to testimony from NFIB’s New York State Director Ashley Ranslow, visit Assembly Public Hearing on the Impact and Effectiveness of Economic Development Programs Funded in the Enacted 2025-26 State Budget.