Statement: 2014-15 State Budget

 

Albany, N.Y.– New York State has an on-time budget for the fourth consecutive year.  Senator Ranzenhofer has issued the following statement on some of the details of the 2014-15 State Budget:

 

“I am pleased that the final State Budget includes many of my key priorities: fiscal discipline, tax relief, and funding for our schools.  Overall, this fiscal plan is balanced and responsible, while providing victories for taxpayers, small businesses, manufacturers, and our children.”

 

“The State Budget improves New York’s high tax burden. Almost 3 million homeowners stand to benefit from a new $1.5 billion property tax rebate program, in addition to a record $3.4 billion in STAR property tax relief.  Residents and businesses will save $600 million on their energy bills with an accelerated phase-out of the 18-a energy tax surcharge.”  

 

“The fiscal plan eliminates the corporate tax rate and creates a property tax credit for manufacturers.  It also reduces the business tax to its lowest rate since 1968.  Many other new business tax reforms and simplifications to the tax code will save businesses more than $501 million.  Now, New York’s private sector is better positioned to thrive, invest and create jobs.”

 

“Due to the efforts of my Senate colleagues and I, the State Budget implements the largest reduction in Gap Elimination Adjustment for our school districts, providing an additional $602 million in funding to support our children.  The GEA was a misguided maneuver, which I voted against at the time, to swipe aid from school districts, and I will continue to push for the complete eradication of the GEA.”

 

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