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DECEMBER 1998

Senator Bruno unveils major plan for further business tax cuts

Senate Majority Leader Joseph L. Bruno announced his conference's tax-reduction proposals for 1999, with total value to taxpayers of $795 million. The Senate Majority plan includes key elements of The Business Council's proposals for the next steps in making New York's business taxes competitive.

Major elements of Senator Bruno's plan are:

Other elements of interest to businesses include a state tax exemption for medical savings accounts, and elimination of the petroleum business tax on airline fuel.

Business Council President Daniel B. Walsh hailed the announcement.

"Once again, Senator Bruno is leading the way in cutting taxes on New York employers," Walsh said. "The tax cuts that Governor Pataki, the Senate and the Assembly have enacted in the last four years have resulted in tens of thousands of new jobs for New Yorkers. The Senate Majority's new package will produce thousands more.

"Senator Bruno has a strong record of turning good proposals into good laws," Walsh added. "Today's proposal is a wonderful present for New York State's economy. The business community will strongly support its enactment into law in the coming session."

The largest element of the Senate Majority plan would give families a full state tax deduction for college tuition expenses, the first such plan in any state, with a total value of $275 million.

"Enacting the Family College Tuition Deduction will be the Senate's top priority in the coming session," Senator Bruno said.

December 23, 1998