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For Release — Jan. 6, 2009

Business Council supports Governor's call for fiscal reform

ALBANY— “Gov. David Paterson's call to reform state finances must be taken seriously by the state legislature to allow our economy to recover and create jobs for New Yorkers,” said Kenneth Adams, president and CEO of The Business Council of New York State, Inc. “We have 850,000 people out of work in New York – reducing the cost of government so that we can reduce taxes is the fastest route to recovery.”

“With new taxes that were included in the current budget and the payroll tax in the MTA region, New York's employers are reeling under a tax burden that prevents job creation,” added Adams.

“The most significant reform in the Governor's message is the adoption of a state spending cap to make sure that government lives within its means,” said Adams. “The Business Council has long supported a state spending cap.”

The Business Council is also encouraged by the Governor's economic development focus.

“The Business Council supports the creation of a new flagship economic development program to replace the Empire Zone program that targets business sectors important to the growth of our economy and with statewide eligibility,” said Adams.

“However, the Governor's plan falls short in supporting new capital investment and job retention by New York companies. In addition to using job creation as a criteria for tax credits, significant capital investment by in-state companies that help them become more competitive and retain jobs in the state should also be a component of the program,” concluded Adams.

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