Issues: Finance

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.

File: 
Transcript of April 30 public hearing

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

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

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

File: 
Testimony from Jon Greenbaum of Metro Justice of Rochester

File: 
Testimony from Judy Seil of the Monroe County Industrial Development Agency

File: 
Testimony from Christopher Weist of the Rochester Business Alliance

File: 
Testimony from Christopher Koetzle of the Support Services Alliance

File: 
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 5, 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 5, 2009
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April 2, 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 30, 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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City Council legislation would give 100% tax credit to poorest families

By Peter Spencer

Call them legislative Robin Hoods: Several city lawmakers want to give city income taxes back to the poorest families, while raising them for the richest.

State Sen. Liz Krueger, working with City Council Speaker Christine Quinn, announced yesterday she plans to introduce legislation allowing the Council to give about 224,000 households earning under $45,000 a year a 100 percent tax credit.

February 18, 2009
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A Little Tax Fairness During Tough Times

By Amy Traub

Hey New York, remember the economic boom? Profits were robust. Our local population of multimillionaires went up. Real estate values soared. And don’t get me started on those Wall Street bonuses. It’s a pity the party’s ending now, but those last few years we had some fantastic times, didn’t we?

Read full article at:

http://www.dmiblog.com/archives/2009/02/a_little_tax_fairness_during_t.html

February 17, 2009
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Funding Announced for Local Justice Courts

(Albany, NY) – Today, Senator Andrea Stewart-Cousins was advised by New York State’s Chief Administration Judge, Ann Pfau, that five justice courts in the 35th Senate District have been awarded grants under the State’s Justice Court Assistance Program. Justice Courts in the town of Mount Pleasant and the villages of Dobbs Ferry, Elmsford, Pleasantville, and Tarrytown will receive these grants to undertake renovations, purchase equipment to improve their operations and make their facilities more secure.

November 30, 2008
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Big business still getting tax breaks

By Matthew Sweeney and David Freedlander

September 14, 2008
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Krueger Slams Tax Cap

By Ben Atkinson and Dan Rivoli

KRUEGER SLAMS TAX CAP-State Sen. Liz Krueger joined the majority of the Democratic conference who pledged to vote against Gov. David Paterson’s property tax cap bill in an upcoming special session. The bill is supported by Senate Republicans and four Democrats.

Read full article at:

http://ourtownny.com/?p=217

August 12, 2008
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