Comparison of Business Tax-Reduction Legislation for 1999-2000

Subject	Executive Budget	Senate Majority	Senate Minority	Assembly Majority	Assembly Minority
Alternative minimum tax	Reduce AMT from currently scheduled 3% to 2.5% as of July 2000.	Reduce AMT from currently scheduled 3% to 2.5% as of July 2000.	No proposal.	No proposal.	Reduce AMT from currently scheduled 3% to 2.5% as of July 2000.
Gross receipts tax	Phase down GRT on commodity portion of electric charges, from current 3.25% to 0 as of January 2003.	Reduce GRT on energy and telecom companies from currently scheduled 2.5% to 2% as of January 1, 2002.	Phase out GRT on electricity bills as proposed in Executive Budget; provide GRT abatement for high-speed telecom access.	No proposal.	Accelerate scheduled reduction (to 2.5%) from current January 2000 to September 1999.
Excess dividends tax on utilities	Repeal as of January 1999.	Exclude certain payments from subsidiary to holding company.	Repeal as of January 1999.	No proposal.	Repeal as of January 1999.
Subsidiary capital tax on utilities	Eliminate for energy utilities, by moving such taxpayers into Art. 9-a.	Exclude stock and debt of energy holding companies' subsidiaries from "subsidiary capital."	Eliminate for energy utilities, by moving such taxpayers into Art. 9-a.	No proposal.	Eliminate for energy utilities, by moving such taxpayers into Art. 9-a.
Natural gas import tax	Repeal.	Exempt electric corporations.	Repeal.	No proposal.	Repeal.
Tax on energy sold for resale	Repeal of .75% GRT.	Exemption for companies selling in wholesale market.	Repeal of .75% GRT.	No proposal.	Repeal of .75% GRT.
Bank tax rate	Reduce from 9 to 7.5% over three years, starting after June 30, 2000.	Reduce from 9 to 7.5% over three years, starting after June 30, 1999.	No proposal.	No proposal.	Reduce from 9 to 7.5% over three years, starting after June 30, 2000.
Insurance tax rate	Reduce from 9 to 7.5% over three years, starting after June 30, 2000.	Reduce from 9 to 7.5% over three years, starting after June 30, 1999.	No proposal.	No proposal.	Reduce from 9 to 7.5% over three years, starting after June 30, 2000.
Subject	Executive Budget	Senate Majority	Senate Minority	Assembly Majority	Assembly Minority
Insurance tax "cap"	Reduce overall cap for property & casualty insurers from 2.6% to 2.0%.	Reduce overall cap for property & casualty insurers from 2.6% to 2.0%.	No proposal.	No proposal.	No proposal.
Highway use tax	No proposal.	Reduce ton-mileage tax another 25%.	Replace ton-mileage tax with fee-based system.	No proposal.	Replace ton-mileage tax with fee-based system.
High-tech tax credits	Expand credit for Qualified Emerging Technology Companies.	Expand credit for Qualified Emerging Technology Companies.	No proposal.	Extend employment and capital investment credits to businesses filing under personal income tax; expand credits.	No proposal.
Credits for emerging companies	Exclude from tax part of gain from sale of assets used in newly created or acquired business.	No proposal.	No proposal.	Enhance job credits for emerging technology companies; double credits for emerging technology start-ups.	Exclude from tax part of gain from sale of assets used in newly created or acquired business.
University research credit	No proposal.	No proposal.	No proposal.	Provide credit of 20% of new contributions to not-for-profit research organizations.	No proposal.
Telecom and broadcast equipment	No proposal.	Expand sales tax exemption for central-office equipment to outside equipment; and investment to meet federal HDTV standards.	No proposal.	Expand sales tax exemption for central-office equipment to outside equipment.	No proposal.
Research & development credit	No proposal.	No proposal.	No proposal.	No proposal.	Make credit refundable for companies less than 10 years old.
Subject	Executive Budget	Senate Majority	Senate Minority	Assembly Majority	Assembly Minority
Petroleum business tax	No proposal.	Repeal taxes on kerojet fuel and commercial heating oil.	No proposal.	No proposal.	Repeal tax on commercial heating oil.
Health-care assessments	Speed up repeal of provider tax on hospitals and nursing homes.	No proposal.	No proposal.	No proposal.	No proposal.
Sales & use "turnover" taxes	No proposal.	No proposal.	Repeal sales tax on goods and services needed to run business.	No proposal.	No proposal.
Estimated full value to taxpayers	$380 million	$670 million	$430 million	$75 million	$476 million

Compiled by The Business Council of New York State, Inc.