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November 21, 2000

Council: Let's make it eight straight years of tax cuts
Council's 2001 tax-cut agenda includes property taxes, 'single sales factor'

The Business Council has kicked off its campaign for further tax reduction in a letter to Governor Pataki outlining The Council's tax-cut agenda for 2001.

"The giant steps that you have taken over the past six years to make New York's taxes more competitive are paying off in thousands of new jobs and billions of dollars in business investment," Business Council President Daniel B. Walsh said in a Nov. 2 letter to the Governor.

"We've made enormous progress, but our competitors have not been sitting still," the letter said. Walsh quoted the Governor's own observation that New York can and must do more "to make our business climate even better, and to make our economy even stronger."

The Council's tax-cut agenda includes:

For tax purposes, New York now allocates a company's income to this state based on three factors: in-state sales (which is counted twice), in-state payroll, and in-state property.

By basing corporate taxation solely on in-state sales, New York can reward, rather than punish, employers that create jobs here, the letter said.

Walsh said adoption of the single-sales factor would generate 133,000 additional jobs in New York over several years.

Expanding STAR to businesses with a school-tax reduction of 10 percent or more, at a statewide cost of $500 million a year, would both improve the fairness of property taxes and improve significantly the state's competitiveness.

The Council is also urging lawmakers to: