For Release — August 8, 2008
The Business Council supports Senate action on tax cap
ALBANY— “The New York State Senate's passage of a property tax cap moves the state closer to badly-needed reform,” said Kenneth Adams, president & CEO of The Business Council of New York State.
“Senate Majority Leader Dean Skelos and his conference have shown real leadership by passing this bill to cap property taxes,” added Adams.
“New York cannot continue to spend at unsustainable levels at both the state and local level. The property tax cap is a vital first step toward a new fiscal discipline that is needed to reign in out of control school spending and make New York economically competitive,” said Adams.
The Business Council supports this property tax cap proposal. Local taxes in New York State are now 79% above the national average. Since 2000, New York has lost 1.5 million people to other states with lower taxes, according to the Census Bureau.
The Senate voted to pass a bill (S.8736) to establish a school property tax cap for all school districts other than the "Big 5" city school districts. The tax cap would limit the annual growth of school property tax levies to 4 percent or 120 percent of the rate of inflation, whichever is less. This is the same proposal introduced by Governor Paterson in June.
“The Senate has acted to solve a crisis facing both New York homeowners and businesses, it is now time for the Assembly to join with the Senate and Governor and take action to control spending and taxes in New York,” said Adams.