For Release — April 2, 2008
STATE BUDGET IMPACTS ON
NEW YORK'S FINANCIAL INDUSTRY FROM KENNETH ADAMS, PRESIDENT &
CEO, BUSINESS COUNCIL OF NEW YORK STATE
ALBANY— “The Business Council believes that the plan to impose new taxes and fees on New York's financial services industry is an ill-timed decision that could seriously impact this important sector at a time when it can least afford it.
While we understand the unique and difficult circumstances facing the Governor and the Legislature this budget season, the state's business community remains extremely concerned that the budget's proposed combination of increased spending and new taxes and fees will make New York less competitive at this critical juncture. Additionally, the proposed new burdens on the financial industry are going to have immediate impacts on New York businesses and consumers alike.
As we face a growing crisis on Wall Street and a faltering national economy, now is not the time to impose additional hardships on the banking and financial services sectors that serve as the bedrock of New York's economy.”