Issues: Taxes

Column by Senator Bill Larkin

The 2012 legislative session shows New York is on track for a better tomorrow.

Following 2 years of runaway debt and dysfunction, our state government needed an overhaul. To put an end to the chaos, New Yorkers voted in a Republican led Senate and the results have been unmistakable.

We trimmed the fat off of Albany’s bloated budgets, eliminating more than $13 billion in deficits. We shrank the ballooning government bureaucracy by consolidating agencies. And we enacted common sense reforms to increase efficiency and reduce costs.

The success goes beyond just reigning in spending. The real victory is that not only was this done without raising taxes, it was done by cutting them.

June 29, 2012
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Clothing Sales Tax Exemption is in Effect

Your clothing and footwear purchases up to $110 dollars are no longer subject to New York state sales tax. 

On April 1, 2012, the New York State sales tax clothing exemption was restored to the original less-than-$110 threshold.

This means that sales of eligible clothing and footwear, costing less than $110 per item or pair, are now exempt from the state's 4% sales tax and local tax in those localities that enacted the exemption.  This new tax break could save a family of four as much as $200 dollars a year. 

June 27, 2012
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SENATE APPROVES BILL TO OFFER ASBESTOS REMOVAL TAX CREDIT Legislation will Encourage Cleanup of Unsafe properties; Spur Investment

               The New York State Senate yesterday passed legislation (S6524A) that will provide an asbestos removal tax credit to encourage the cleanup of old, unsafe properties, and spur investment throughout the State.                    This legislation offers a tax credit to help defray the costs of clean up and remediation to encourage economic development in cities across New York State, and ensure that the cost of asbestos removal is no longer an obstacle to economic development.  

June 19, 2012
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SENATE PASSES LEGISLATION ESTABLISHING ANGEL TAX CREDIT FOR SMALL BUSINESSES

Senator John A. DeFrancisco announced on June, 18, 2012, that legislation he sponsored (S6837-2011), creating an angel tax credit for investors who invest in certified startup business enterprises, passed the Senate.

The bill authorizes the Commissioner of Economic Development to certify Startup Business Enterprises (SBE) in targeted industries and technologies and allocates $7 million in Angel Tax Credits each year. The minimum investment is $100,000 and is capped at $1 million per individual small business.

June 19, 2012
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SENATOR FUSCHILLO: IF WASHINGTON CAN’T DO IT, THEN ALBANY MUST

Calls on Assembly to Approve Legislation to Restore State’s Mass Transit Benefit for Commuters Before Session Ends

      “It’s been six months since commuters saw both their federal and state mass transit benefits cut nearly in half because Congress failed to approve the necessary extension. With no signs of the federal partisan gridlock letting up, Albany needs to accomplish something in which Washington has shown little interest: repealing this nearly fifty percent tax increase and restoring these savings for hard working commuters.

June 19, 2012
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Senate Approves Grisanti Bill to Offer Asbestos Removal Tax Credit

The New York State Senate today passed legislation (S6524A), sponsored by Senator Mark Grisanti (R-North Buffalo), that will provide an asbestos removal tax credit to encourage the cleanup of old, unsafe properties, and spur investment throughout the State.

June 18, 2012
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SENATE PASSES BILLS TO GROW CRAFT BREWING INDUSTRY IN NEW YORK

The state Senate today passed three bills to help grow and expand the craft beer industry in New York State. The bills, which represent a three-way agreement among the Senate, Assembly and Governor Cuomo, will protect an important tax benefit for small breweries that produce beer in New York, create a Farm Brewery license that will allow craft brewers to expand their operations through opening restaurants or selling new products and will exempt breweries that produce small batches of beer from paying an annual State Liquor Authority fee.

June 18, 2012
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Senate Passes Bills to Grow Craft Brewing Industry in New York

The state Senate today passed three bills to help grow and expand the craft beer industry in New York State.  The bills, which represent a three-way agreement among the Senate, Assembly and Governor Cuomo, will protect an important tax benefit for small breweries that produce beer in New York, create a Farm Brewery license that will allow craft brewers to expand their operations through opening restaurants or selling new products and will exempt breweries that produce small batches of beer from paying an annual State Liquor Authority fee.

June 18, 2012
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Statement from Senator Lee M. Zeldin: New York Craft Beer Tax Credit

“It is critically important to do everything in our power to help New York's craft brewers succeed.  This industry has thrived and expanded over the past decade while other industries have suffered and jobs have been lost. That’s why I, as the original Senate sponsor of this legislation, am excited to help announce an agreement to keep New York’s craft beer flowing.”

June 14, 2012
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NEW YORK SENATE PASSES BILL REQUIRING LENDERS TO PROVIDE DOCUMENTATION FOR SATISFIED MORTGAGES

State Senator John A. DeFrancisco announced that his mortgage tax legislation (S2906) passed the New York state Senate on June 12, 2012.

The bill would allow property owners who are refinancing their mortgages with a new bank to demand either a certificate of discharge, which shows that the mortgage is satisfied, or an assignment of mortgage, which shows a transfer from their original bank lender to a new lender.

June 12, 2012
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SEN. RITCHIE CONTINUES PUSH FOR TAXPAYER RELIEF

 Senate OK’s Her Bipartisan Bill to Restore STAR Rebates for Homeowners;

June 6, 2012
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SENATE PASSES BILL TO EXEMPT LIBRARIES FROM MTA PAYROLL TAX

The New York State Senate today passed legislation (S6079A), sponsored by Senator Jack Martins (R-C-I, Mineola), that would exempt libraries from the paying the MTA payroll tax. Repealing the tax would save libraries in the downstate MTA region $1.3 million annually.

"Our libraries do a tremendous job with limited resources," said Senator Bill Larkin (R-C, Cornwall-on-Hudson).  "This legislation will free them from the burden of paying this onerous tax which will allow the funding to go towards critical library programs and expanded services.  I urge the Assembly to bring this bill up for a vote as soon as possible," said Larkin.

June 4, 2012
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STATEMENT BY SENATOR BILL LARKIN ON THE THRUWAY TOLL INCREASE PROPOSAL

"I am adamantly opposed to the proposed plan by the Thruway Authority to increase certain commercial tolls by 45 percent.  Just when the state is making strides to show the business community we are serious about making New York business-friendly, the Thruway Authority goes out of its way to stifle certain sectors of our business economy. 

I am very concerned that trucking companies and especially farmers won't be able to cover the increased costs of doing business without passing the toll hikes on to consumers.  We need to start encouraging our small businesses, not making it more difficult for them to stay in business. 

June 4, 2012
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Griffo Says Thruway Going Wrong Way on Toll Increase Proposal

Griffo: Thruway Toll Increases Wrong; Authority’s Actions Show Need for Change

June 4, 2012
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Senator Gallivan Blasts Thruway Authority's Plan To Hike Tolls On Truckers

Senator Patrick M. Gallivan (R,C,I – 59th District) spoke out today against the New York State Thruway Authority’s recently announced plan to increase Thruway tolls 45 percent on commercial vehicles with three or more axles.

June 1, 2012
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SENATE PASSES “NEW JOBS-NY” JOB CREATION PLAN

 The New York State Senate today passed the 2012 NEW JOBS-NY Job Creation Plan.  The Senate’s comprehensive plan will help create thousands of new private sector jobs by delivering tax relief to small businesses and manufacturers, reducing energy costs, and enacting major fiscal reforms to make New York State more economically competitive. 

May 30, 2012
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SENATE UNVEILS “NEW JOBS-NY” JOB CREATION PLAN

Senator Patrick M. Gallivan and members of the Senate Republican Conference today continued their strong focus on job creation and economic growth by announcing that the Senate will pass legislation next week to implement the 2012 NEW JOBS-NY Job Creation Plan.

The Senate’s comprehensive plan will help create thousands of new private sector jobs by delivering tax relief to small businesses and manufacturers, reducing energy costs, and enacting major fiscal reforms to make New York State more economically competitive.

May 23, 2012
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State Film Production Tax Credit‏

“The findings announced yesterday make it plain: The Empire State Film Production Tax Credit has been an unqualified success.

“The film and television industry spent $60 billion on production in New York over the past decade, creating 30,000 jobs since 2004.

“Film and television production in New York City currently employs 130,000 and generated more than $7 billion in direct spending last year.

May 10, 2012
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