Issues: Finance

July 3, 3:00 PM - 3:05 PM
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Senate Facilitates Small “Food” Business Growth

Passes grants program for small-scale food processing facilities putting people to work, utilizing NYS products in recipes. (Albany, NY)-The New York State Senate has passed S3594,  legislation that promotes the development of small businesses, particularly those in distressed communities,  by enabling small-scale food processors to apply for funding from the Empire State Economic Development Fund. 

June 4, 2009
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Senate Elections Committee Holds Albany Hearing On Campaign Finance Reform

(Albany, NY)- Wednesday, the Senate Elections Committee, Chaired by Senator Joseph P. Addabbo Jr. (D-Howard Beach), held a public hearing in Albany to solicit public comment on proposed campaign finance reforms to reinvigorate participatory democracy. Along with last week’s hearing in Rochester this concludes the third set in a series of five hearings that will continue in September and November. 

June 3, 2009
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Senate Passes Property Tax Breaks For Cold War Veterans

Measure puts Cold War vets on par with others & also extends to co-ops (Albany, NY) The New York State Senate today recognized the service and sacrifice of Cold War veterans by voting to allow for local municipalities to increase the level of property tax breaks available to these veterans. Under the current law, Cold War vets are not offered the same breaks as other “combat” veterans. 

June 1, 2009
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Senate Aging Committee Moves Snap Bill Forward To Finance Committee

New York State Senator Reverend Ruben Diaz is pleased that Senate Bill S3340A   (Diaz, et.al.) was voted out of the Aging Committee during this morning’s meeting and has been reported to the Finance Committee with the hope of   being voted on by the Senate this session.   The goal of this legislation is to eliminate waiting lists for home delivered meals and to reduce the financial burden on local counties, many of   whom subsidize this state program with local taxpayer dollars.  

June 1, 2009
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Winner: Limit state's ability to tax and spend

Albany, N.Y.–State Senator George Winner (R-C-I, Elmira) announced today that he will sponsor the “Taxpayer Empowerment Act” (TEA), a plan to limit New York government’s ability to tax and spend.

“The only way to begin a true and meaningful turnaround in New York State is to limit government’s ability to tax and spend,” said Winner. “These actions represent the first steps necessary to put a stop to the job losses and population declines that continue to erode the underpinnings of upstate New York.”

May 28, 2009
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Finance panel approves UB 2020 bill

By JOHN DELLACONTRADA    Published: May 28, 2009

The Finance Committee of the New York State Senate yesterday unanimously approved the UB 2020 Flexibility and Economic Growth Act, moving the bill another step closer to passage.

The bill next goes to a full Senate vote before moving on to the state Assembly for consideration.

President John B. Simpson thanked Senate Finance Chair Carl Kruger and Sens. William Stachowski, Antoine Thompson, George Maziarz and Dale Volker for their leadership and support of the bill.

May 28, 2009
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Select Committee video (part 2) of May 21 public hjearing on business and banking tax reform

The Select Committee on Budget and Tax Reform hears testimony at a New York City public hearing, where experts evaluated the fairness of the state's business and banking taxes and their effectivess at fostering job growth. Part two of two.

May 27, 2009
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Select Committee video (part 1) of May 21 public hearing on business and banking tax reform

The Select Committee on Budget and Tax Reform hears testimony at a New York City public hearing, where experts evaluated the fairness of the state's business and banking taxes and their effectivess at fostering job growth. Part one of two.

May 27, 2009
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Historic Rehabilitation Tax Credit Passes Senate; Brings Redevelopment To Distressed Communities

(Albany, NY) The New York State Senate unanimously passed today a vitally important economic stimulus and community revitalization program: the Historic Rehabilitation Tax Credit (HRTC) (S2960-B/Valesky).  

May 27, 2009
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MORE NEW TAXES ON THE WAY STARTING JUNE 1ST

Senator John A. DeFrancisco (R-I-C, Syracuse) today said that starting June 1 st New Yorkers will be paying more for bottled water, paying more for purchases made over the Internet and paying more for auto insurance, as a result of tax increases passed by Democrats in the Senate and Assembly as part of the 2009-10 state budget. In addition, June 1 st tax hikes will hit companies that transport employees in and out of New York and double a state fee on auto insurance policies.

May 26, 2009
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Testimony from May 21 public hearing on business and banking tax reform

On May 21, 2009, the Select Committee on Budget and Tax Reform held a public hearing in New York City to evaluate the equitability of New York State's business and banking tax structures and their effectiveness to foster economic growth statewide. The Select Committee heard oral testimony from 10 experts and collected written testimony from several other interested parties.

Below are links for the testimony that was submitted to the Select Committee. The Select Committee's staff will issue a report detailing the key findings and conclusions from the testimony.

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Transcript of May 21, 2009 public hearing

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Testimony from James Parrot of the Fiscal Policy Institute

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Testimony from Peter Faber of The Partnership for New York City

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Testimony from Michael Smith of the New York Bankers Association

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Testimony from Matthew Gardner of the Institute on Taxation and Economic Policy

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Testimony from Angela Miele of the Motion Picture Association of America

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Testimony from Nancy Lancia of the Securities Industry and Financial Markets Association

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Handout from Nancy Lancia of the Securities Industry and Financial Markets Association

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Testimony from the Clearing House Association

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Testimony fron John Huddleston of the Multi State Commission

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Testimony from Nathan Newman of the Progressive States Network

May 22, 2009
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Historic Rehabilitation Tax Credit Passes Finance Committee

Program will bring unprecedented redevelopment to distressed areas; Legislation Expected to Pass Senate Next Week (Albany, NY) The New York State Senate Finance Committee today passed the Historic Rehabilitation Tax Credit (HRTC) (S2960-A/Valesky), sending this important economic stimulus and community revitalization legislation to the full Senate.  The Senate is expected to pass the measure next week. 

May 19, 2009
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NEWSDAY: State weighs tax relief for Ponzi scheme losses

BY KEIKO MORRIS

keiko.morris@newsday.com

10:06 PM EDT, May 19, 2009 

The state will soon offer some relief for investors who lost money in Ponzi schemes by adopting tax policies similar to those issued by the Internal Revenue Service in March.

The state's Department of Taxation and Finance is still developing the new guidelines, but the agency is expecting to publish them in a few weeks, a spokesman said.

May 18, 2009
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Media Advisory: Senate Holds Hearing on Corporate Franchise and Bank Tax Reform

For Immediate Release:  May 15, 2009Contact: Travis Proulx (W) 518.455.2415 (C) 518.729.8013

SENATE HOLDS HEARING ON CORPORATE FRANCHISE & BANK TAX REFORMTax Policy Experts, Progressive Taxation Advocates, Wall Street Leaders to Testify

May 18, 2009
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Testimony from April 30 public hearing of New York State's business taxes

On April 30, 2009, the Select Committee on Budget and Tax Reform held a public hearing in Rochester to weigh the fairness of New York State's Corporate Franchise Tax and the effectivess of its tax expenditures. The Select Committee heard oral testimony from six experts and collected written testimony from several other interested parties.

Below are links for the public hearing transcript and testimony that was submitted to the Select Committee. The Select Committee's staff will issue a report detailing the key findings and conclusions from the testimony.

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Transcript of April 30 public hearing

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Testimony from Ken Pokalsky of the Business Council of New York State

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Handout from Ken Pokalksky off the Business Council of New York State

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Handout from Ken Pokalsky of the Business Council of New York State

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Testimony from Jon Greenbaum of Metro Justice of Rochester

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Testimony from Judy Seil of the Monroe County Industrial Development Agency

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Testimony from Christopher Weist of the Rochester Business Alliance

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Testimony from Christopher Koetzle of the Support Services Alliance

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Testimony from Brian Sampson of Unshackle UPstate

May 18, 2009
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May 13, 2009
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Making College Education More Affordable

Recently, the Senate introduced a comprehensive package of proposals that would make obtaining a college education more affordable for New York’s students, help families with soaring tuition expenses, provide new incentives to college students to keep them living and working in New York when they graduate and recognize the sacrifices and service of our military personnel by making it easier for New York’s servicemen and women to attend college.

May 6, 2009
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