I want to understand what 'tax expenditures' are as defined by the New York State Department of Taxation and Finance. Additionally, I need to know which tax categories are primarily covered in their annual report on these expenditures. Please provide the definition and list the first three tax categories mentioned.
Navigate to the New York State Department of Taxation and Finance website (www.tax.ny.gov). Locate and navigate to the 'Tax data' section. From 'Tax data', find and access 'Statistics and reports'. On the 'Statistics and reports' page, find and open the 'Annual Tax Expenditure Report'. On the 'Annual Tax Expenditure Report' page, locate the section defining 'What are tax expenditures?' and extract the definition. Locate the section titled 'What does the report include?' 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)'.