Tax Committee Update - April 16, 2009

Final Budget Summaries

As you know, the state legislature has taken final action on the Governor's Executive Budget proposal.  Overall, the final budget includes $6 billion in new state-imposed revenues, the bulk of which ($4 billion) comes from new upper income personal income tax brackets.

Our overview of the final budget is available on The Business Council's web site.  In addition to an overview of key business-related revenue actions, we have posted a revenue “roadmap” indicating the location of revenue measures in the various budget bills.  This “roadmap” provides bill number, section and page for each major business-related revenue item included in the final budget.  All final budget bills cited in our overviews are available on-line at http://www.senate.state.ny.us/sws/budgetbills/index.html.

Please feel free to contact me regarding revenue measures or other issues in the FY 2010 final budget.

Senate Hearing on Corporate Tax Reform

The Business Council will be testifying at an upcoming hearing of the State Senate Select Committee on Budget and Tax Reform, focusing on the Corporate Franchise Tax.  The hearing will be held Thursday, April 30th, at 12:30 to 5:30 p.m. at the Monroe County Office Building, Room 407, 39 West Main Street in Rochester.

I welcome input from Committee members as we prepare our testimony.

The hearing notice claims that “$3.13 billion in Corporate Franchise Tax expenditures” produce marginal results in terms of private sector job growth, and requests testimony on a range of issues:

In addition to oral testimony at the hearing, the Committee welcomes the submission of written testimony from any interested parties.The hearing notice is available here For additional information on the hearing, or to register to testify, contact James Schlett, Select Committee Administrator, Room 609, Legislative Office Building, Albany, NY 12247, phone (518) 455-2293; email schlett@senate.state.ny.us.