The Select Committee on Budget and Tax Reform hears testimony examining concerns over fairness and volatility in New York State's personal income tax system. The public hearing, which explored progressive changes to the personal income tax system, was held on March 12 in Albany.
The Select Committee on Budget and Tax Reform hears testimony at a Rochester public hearing, where experts weighted the fairness of New York State's Corporate Franchise Tax and the effectiveness of its tax expenditures in spurring economic growth. The event was held on April 30th.
The Select Committee on Budget and Tax Reform has released a 2009 Annual Report, which highlights the activities of the committee during its first year of operation.
By the beginning of 2009, it became evident that New York tax policy needed a thorough review. The ad hoc changes to the state’s revenue system have created a tax structure that is not linked to current policy goals. The tax system is riddled with loopholes and tax expenditures that need to be re-evaluated to determine whether they serve a public purpose.
SENATOR LIZ KRUEGER ANNOUNCES REFORMS TO FIX NY’S BROKEN BUDGET PROCESS
(Albany, NY) New York State Senator Liz Krueger, Chair of the Select Committee on Budget & Tax Reform, will announce long overdue structural changes to the State Budget process on Wednesday, the 7th. She will be joined by Senate Majority Leader John L. Sampson and government reform organizations including Citizens Union and New Yorkers for Fiscal Fairness, among others.
SENATOR KRUEGER UNVEILS REFORM PACKAGE TO COUNTERBALANCE NEW YORK’S STRUCTURAL BUDGET DEFICIT
Select Committee on Budget and Tax Reform report identifies June 1 as a superior fiscal year start date for New York State
(Albany, NY) Senator Liz Krueger (D-Manhattan) released today a comprehensive package of legislation designed to install into New York State’s budget process the discipline and forward thinking that have long been absent from its fiscal planning process.
Two-year, GAAP & Performance Based Budgeting, June 1 Fiscal YearKey Reforms to End Albany’s Decades of Fiscal Dysfunction
(Albany, NY) State Senator Liz Krueger today unveiled comprehensive reforms to fix the State’s broken budget process and give New Yorkers a fiscally responsible budget. For decades, Albany ignored the need for wholesale changes to the budget process, instead opting for quick fix gimmicks and government by guesswork. Within their first term in the Majority, Senate Democrats created a 7-point legislative package, sponsored by Senator Liz Krueger (D-Manhattan) which provides for long-term financial planning, the enactment of stricter accounting principles, and mandates stringent standards of accountability for State-financed programs and services.
On June 9, 2010, the Select Committee on Budget and Tax Reform held a public roundtable in Albany to examine ways to enhance New York State's fiscal stability of the sales tax through a more rational and streamlined sales tax system.
(Albany, NY) – Today, the New York State Senate Select Committee on Budget and Tax Reform released a staff report detailing how the State’s sales tax is failing to keep pace with economic and technological trends.
The sales tax, which then-Governor Nelson A. Rockefeller passed in 1965 to provided added aid to municipalities and schools, is being impacted by economic, technological and political trends. These trends — examined in the report — include:
· the shift from an industrial-based economy to a service-based economy;
· rampant growth in sales tax exemptions and credits;
· uncollected sales tax revenues because of mail order and Internet sales.