Issues: Finance

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 19, 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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Public Hearing: Exploring progressive changes to New York State’s personal income tax system

The recession and its strangle hold on New York State’s traditional revenue sources have exposed vulnerabilities and inequities in the state’s tax policy. New York State’s overdependence on tax revenues from Wall Street, coupled with the mounting financial pressures on middle-income households, have created an imperative for lawmakers to reassess how and where New York State pulls its revenues.

March 12, 12:00 PM - 4:00 PM
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Statement by Senator George Onorato

 State Senator George Onorato (D-Queens) made the following statement regarding the 2009-2010 State Budget which received final passage by the Senate on April 3: "The 2009-2010 State Budget is by no means a perfect plan, but it does address a yawning $17.7 billion budget deficit without decimating New York’s commitment to health care, education, college aid, job creation, our environment and any number of programs that are vital to our state’s residents and the overall future of the Empire State.

April 6, 2009
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Senator Onorato Applauds $350 Million Reinvestment in New York's Film Production Tax Credit Program

State Senator George Onorato (D-Queens), who consistently stressed the significant economic importance of New York State’s film and television production tax credit throughout negotiations on the 2009-2010 State Budget, today noted that the program was provided with $350 million in the final state spending plan approved by the State Legislature last week."During such dire fiscal times as these, I am particularly pleased that we were able to reinvest in this important program," said Senator Onorato, whose Queens Senate district is home to both Sil

April 6, 2009
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April 3, 2009
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Budget Bill Supplement 2009-10 : School Aid Runs

School Aid details from the Education, Labor & Family Assistance budget bill to be considered on the floor of the Senate today are available on the Senate website. 

File: 
SFY_09-10_SCHOOL_RUNS_A.pdf

March 31, 2009
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Finance

Related information

March 12, 2009
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NIXING CITY INCOME TAX

On the heels of Council Speaker Christine Quinn’s State of the City address where she proposed nixing city income tax for residents making less than $45,000 a year, State Sen. Liz Krueger will introduce a bill to allow the city to turn that plan into law. Currently, Albany would have to pass legislation to allow the city to enact this plan. Krueger’s legislation would enable the city to make changes to the tax code without Albany approval.

Read full article at:

http://ourtownny.com/?p=2223

February 19, 2009
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