March 31, 1999
Faso releases plan for tax cuts, job creation
Assembly Minority Leader John Faso Wednesday released his conference's plan to stimulate job creation by cutting taxes and enhancing economic development.
Tax elements include accelerating scheduled reductions in business tax rates and in the gross receipts tax on utilities; enacting Governor Pataki's energy-tax reforms; reducing bank and insurance tax rates along with corporate taxes; reducing the alternative minimum tax; converting the ton-mileage tax to a flat fee; and eliminating the petroleum business tax on commercial heating oil. Taxpayers would save $476 million.
Other proposals include: encouraging redevelopment of brownfields by reforming liability and clean-up rules; expanding the "Build-NY Now" program of pre-permitting business sites; and adopting a unified, statutory definition of "independent contractor."