MARCH 1998

Goodman, Schimminger to chair subcommittee on taxes

Conference committee takes up budget for first time ever; leaders hope for early action

Legislative leaders, meeting in New York State's first-ever conference committee on the budget, appointed members of subcommittees to deal with taxes and other issues.

Senate Majority Leader Joseph L. Bruno named Senator Roy M. Goodman, and Assembly Speaker Sheldon Silver named Assemblyman Robin Schimminger, to co-chair the conference committee's Subcommittee on Taxes and Economic Development.

Members of the subcommittee named by the leaders Thursday also include:

"We now have both the right structure, and the right people, to get the job done in cutting taxes," said Daniel B. Walsh, president of The Business Council.

"We could not be more delighted with the appointments the leaders have made to this extremely important subcommittee. Each of these legislators has a long record of working on behalf of lower taxes and a stronger economy.

"Both the Senate and the Assembly have approved broad-ranging plans to take the next steps in cutting taxes in New York," Walsh added.

"We're confident that Senator Goodman, Assemblyman Schimminger and the members of the subcommittee will agree on a tax-cutting and economic development package that provides needed tax relief to all businesses in New York and lays the groundwork for new jobs."

The legislative leaders and other members of the General Budget Conference Committee agreed to meet again Monday, with subcommittees expected to start meeting Monday afternoon or Tuesday morning.

Also Monday, the general conference committee is expected to set deadlines for the subcommittees to complete their work on specific portions of next year's budget.

In addition to Taxes and Economic Development, the subcommitees and their co-chairs are:

Staff to the two houses' fiscal committees were instructed to agree on a "matrix" showing the agreements and disagreements in the budget bills passed by both houses.

The Senate and Assembly have each passed versions of one of The Business Council's top tax priorities, extending the investment tax credit to the securities industry. And both have approved new steps to make low-cost power available to more businesses in the coming year.

The Council's major remaining tax priorities include reducing the broad-based corporate tax rate, the alternative minimum tax, truck mileage tax and energy taxes.

March 26, 1998