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.
(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).
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.
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.
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.
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.
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.
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.
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.
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
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.