Government Affairs Albany UpdateMarch 4, 2000
A number of Business Council members are actively supporting Congressional approval of "permanent normal trade relations" or PNTR (formerly referred to as "most favored nation" status) with China. This legislation is necessary to allow American companies to benefit from China s World Trade Organization (WTO) market-access concessions.
Proponents of PNTR stress that China s entry into the WTO will result in dramatically expanded access to one of the world's largest and fastest growing markets, creating more jobs for workers and farmers in New York State. But to take advantage of this, PNTR has to be extended to China.
Business advocacy efforts in New York are being coordinated by "goTRADE New York," a pro-trade advocacy group affiliated with The Business Roundtable. They stress that, since a Congressional vote on this issue can take place at any time, it is essential that interested businesses weigh in ASAP with their congressional representatives.
The Senate Majority released their 2000 Tax Proposals this week. Citing other states' actions to adopt the 100% Sales Factor Apportionment Formula for corporate income taxation (e.g., Massachusetts, Connecticut, Pennsylvania, Illinois) "as a preferred way to allocate multi-state income", the Senate Majority included undertaking of research and analysis on a 100% Sales Factor Apportionment Formula for New York.