O'Mara: Survey findings highlight need to address tax and regulatory challenges facing New York's manufacturers
Albany, N.Y., March 24 — State Senator Tom O’Mara (R,C-Big Flats) today said that the findings of a new study commissioned by two of the state’s leading manufacturing advocates – the Manufacturers Alliance of New York State and the New York State Economic Development Council (NYSEDC) – reveal that while nearly 70% of the state’s manufacturing executives remain optimistic about staying in business in the state, 60% of them also believe that the state’s business climate is headed in the wrong direction.
Nearly half (46%) of the business leaders polled as part of the new study pointed to high taxes as the greatest competitive obstacle they face.
O’Mara said that the new study, “Manufacturing Executives: Attitudes, Operations, Expectations & Opportunities,” provides further proof of the need for the kind of tax relief for the state’s manufacturing sector that he’s been pushing for several years and that the Senate Republican conference and Governor Andrew Cuomo are fighting to have included in the final 2014-15 state budge.
“It’s clear that our manufacturing sector remains strong as a foundation of New York State’s economy. It’s also clear that we need to take aggressive actions, beginning with this year’s budget, to enact tax cuts and regulatory reforms to strengthen our manufacturing sector for the future,” said O’Mara. “We’ve talked about these actions for many years, and now we need to finally act. Revitalizing and strengthening manufacturing remains the best hope, in my opinion, for turning around the upstate economy through good, well-paying jobs, and long-term economic security for our workers and their families.”
The governor and Senate Republicans have proposed to eliminate the corporate income tax for manufacturers across the Southern Tier and Finger Lakes regions, and statewide, along with providing a 20-percent real property tax credit for manufacturers.
O’Mara joined a number of his legislative colleagues and business leaders at a press conference in Albany recently to highlight the study’s findings, which were released statewide today. [Watch Senator O'Mara's remarks at the recent press conference]
[In the photo above, behind Senator O’Mara speaking at the podium are, from left to right: Michael Stam, President & CEO of Tompkins County Area Development (TCAD), Manufacturers Alliance President Randy Wolken, NYSEDC Executive Director Brian McMahon, and State Senator David Valesky (D-Syracuse).]
See the attached news release and study findings for additional details and information.