On the New York State Department of Taxation and Finance website, I want to understand what 'tax expenditures' are and identify the primary types of taxes they are associated with. Please provide the definition of tax expenditures and list the first three tax categories mentioned in the annual report.
Navigate to www.tax.ny.gov (or follow any redirects from www8.tax.ny.gov to the main homepage). Click on the 'Tax data' menu button. Click on the 'Statistics and reports' link. Click on the 'Annual Tax Expenditure Report' link. Locate the 'What are tax expenditures?' section and extract the definition. Locate the 'What does the report include?' section and identify the first three types of taxes enumerated.
Successfully navigates to the 'Annual Report on Tax Expenditures' page (https://www.tax.ny.gov/data/stats/ter/). States the exact definition of tax expenditures: 'features of the Tax Law that by exemption, exclusion, deduction, allowance, credit, preferential tax rate, deferral, or other statutory device, reduce the amount of taxpayers’ liabilities to the State by providing either economic incentives or tax relief to particular classes of persons or entities, to achieve a public purpose'. Lists the first three types of taxes as: 'Personal Income Tax (Article 22 of the Tax Law)', 'Corporate Franchise Tax (Article 9-A of the Tax Law)', and 'Insurance Tax (Article 33 of the Tax Law)'.