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May 2002

Pataki thanks Council for its advocacy, reaffirms pledge to preserve tax cuts

Thanking The Business Council "for being such an effective advocate for the interests of our business community," Governor Pataki this week repeated his pledge that the state budget would address a top Council priority: preserving already enacted tax cuts scheduled to take effect this year.

In addition, he said, state tax policy would remain coupled with federal policy on the issue of depreciation - which The Council has also strongly advocated. This means that businesses will not lose a one-time bonus depreciation charge on their state taxes that was created by the economic stimulus passage passed in Washington earlier this year.

The Governor made his remarks during a reception for business leaders that preceded The Council's annual State Chamber Dinner Monday, May 13, at the Empire State Plaza in Albany.

The Governor thanked The Business Council and its members "for your confidence in New York State." He said that tax cuts and other policies enacted during his tenure to improve New York's business climate were designed to the state's business leaders "the confidence that this is the place to invest, create jobs, to succeed in a competitive global marketplace."

Even though state revenues have fallen more than $7 billion since the Sept. 11 terrorism, "no state is as well prepared," the Governor said, noting that California is projecting a budget deficit of some $24 billion.

He said that state budget would also increase the number of Empire Zones and provide funding for research and development initiatives, such as the Governor's Centers of Excellence program.

He also pledged to continue efforts to ease regulatory burdens, to reduce workers' comp costs, and to enhance small businesses' access to capital through the new Excelsior Linked Deposit Programs.

"The bottom line is, we know you're the ones out there who create the jobs, generate the revenue, allow the government to run," he said.