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Government Affairs Albany Update
April 30, 2010

Proposed Tax Credit Deferral Legislation

Governor Paterson proposed cutting most business tax credits by one-half for 2010, 2011 and 2012 (see press announcement here). The Governor’s proposed legislation is available here.

The Business Council is strongly opposed to this measure, as it would cut already-earned investment tax credits, Empire Zone credits and other credits that support new capital, jobs and other investments in the state, in addition to reducing by half the incentives available for new projects over the next three years.

We are looking to identify member companies that would be adversely impacted by this proposal to work with us in our advocacy efforts.

Its key provisions:

I would appreciate any feedback you have on this proposal, as we work to oppose and defeat this legislation.

Governor’s Latest Gap Closing Plan

The tax credit reductions discussed above are part of a $620 million package of additional budget gap reduction measures put forth by Governor Paterson this week. Other components of direct interest to Business Council members include:

We welcome your input on these issues.

Proposed Restrictions on Corporate Contributions

Legislation restricting corporate campaign contributions, and making other changes to state election law, are being pushed in the State Senate. Its Committee on Elections held public hearings on a package of bills last week, and then held a committee meeting on April 27th which resulted in four of the bills being reported to the Codes committee.

Two bills of particular concern to Business Council, and that were opposed by the Council, were held in Committee this week. These include:

The last two bills were in response to the Supreme Court's recent decision in Citizen's United v. Federal Election Commission that eliminated federal restrictions on corporations' ability to expend corporate resources in support or opposition to political candidates, political parties and ballot referendums.

The bills that were reported were the following:

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