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March 16, 2007

Senate plan would invest $3.7 billion in Upstate economy

Upstate's economy would receive a $3.7 billion boost through tax relief and incentives under the Senate Majority's Upstate economic revival plan.

The plan, unveiled May 15 by Senate Majority Leader Joseph Bruno, seeks to revitalize the Upstate economy by reducing taxes, updating infrastructure and strengthening business, a release from the Majority said. The plan would provide businesses more than $3.7 billion in tax relief, investment and economic incentives over three years.

"Revitalizing the upstate economy and creating new economic opportunities for young New Yorkers is a top priority for the Senate Majority," Senator Bruno said. "With the launch of our Upstate Now agenda, we are advancing a comprehensive, strategic plan that will strengthen the state's economy, particularly Upstate, create thousands of new jobs and generate tremendous new investments in communities all across our State.”

"Senator Bruno and his colleagues in the Senate majority have crafted a broad package of proposals that would benefit the Upstate economy and all of New York State,” said Kenneth Adams, president and CEO of The Business Council. “It's particularly encouraging to see the Senate emphasize the need to help Upstate with proposals that address both the core business-climate issues that hurt all employers in all sectors across the state as well as the need for investment in technology and innovation, which will be central to New York's future economic success."

The Upstate Now plan would:

More on the Senate Majority's Upstate Now plan is available at www.senate.state.ny.us.