(Southern Tier, NY) - Today, Senator Webb highlighted efforts in the New York State Senate Democratic Majority’s One-House Budget Resolution to ensure that the wealthiest New Yorkers pay their fair share. The Senate’s One-House budget includes several responsible revenue measures that ensure the wealthiest individuals, large corporations, and luxury industries contribute their fair share. This budget generates sustainable state revenue to support municipal budgets. 

“As federal cuts target our state and slash essential services our communities depend on, it is time to take action to keep critical services funded here in New York,” said Senator Lea Webb. “We must ensure the wealthiest New Yorkers pay their fair share of the tax burden so that working families across New York have access to essential services like healthcare and childcare. I join my colleagues in calling for a final budget that includes revenue raisers to meet the needs facing our communities.” 

The New York State Senate Democratic Majority’s One-House Budget Resolution Provides over $6.4 billion in revenue raised, including through:

• .5% Personal Income Tax Surcharge on the top two income brackets: $1.1 billion. (S.4437A)
• Statewide Corporate Tax: Increase the top corporate tax rate from 7.25% to 9% for those with business income over $5 million.
• Adjust the NYS PTET Credit to 90%: $1.8 billion.
• End Tax Breaks for Climate Polluters: $109 million first year, $652 million annually thereafter.
• End Sales Tax Exemption on Gold Bullion over $1,000, totalling $456 million for the first year and $608 million annually thereafter.
• Decouple from the H.R. 1 Expansion of the Qualified Small Business Stock Deduction: $101 million (also saves NYC and Yonkers a combined $16 million).
• Decouple from Opportunity Zones Tax Program: $249 million in savings starting in SFY 29-30.
• Yacht Tax- The Senate advances language ending the sales tax exemption of boats valued above $230,000. (S.3874)

Continued Senator Webb, “These responsible revenue measures provide municipalities with the resources they need while protecting essential programs that families rely on every day. ” 

The full Senate One-House Budget Resolution may be found here.