Tax Overview
SFY 2009-10 Executive Budget Revenue Measures

Staff Contact: Ken Pokalsky
December 16, 2008

New York Governor David Paterson issued his proposed Executive Budget for Fiscal 2010 today. It includes $4.2 billion in revenue actions for the new fiscal year, as part of a plan to close a projected $14 billion all funds shortfall.

Please feel free to contact me at your convenience to provide us with your initial reactions to these proposals, and to discussion next steps.

Business Taxes-The Executive Budget does not proposal any increases in broad based state taxes. It does contain a number of business tax proposals within its more than $1.5 billion in tax law changes. These include:

Fees and Assessments - The Executive Budget includes more than $2.5 billion in new and increased fees and assessments. Major changes include:

Sales Taxes-It also includes several sales tax proposals:

Tax Credits - The Executive Budget proposes several changes to economic incentive tax credits.

Tax Compliance - It also proposes "a comprehensive program to encourage compliance with the Tax Law" ($321 million in new and preserved tax receipts.) Its provisions include:

Other Revenue Measures — The proposed budget contains a variety of other revenue measures, including: