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For Release — June 20, 2014

Business Council Statement on End of the 2014 State Legislative Session

Heather C. Briccetti, Esq.
President and CEO of The Business Council of New York State

ALBANY, N.Y. — We congratulate Governor Cuomo, Senate Leaders Skelos and Klein and Assembly Speaker Silver, as well as Minority Leaders Stewart-Cousins and Kolb, on a successful session that will promote economic growth and new job creation in New York State.

Both houses of the New York State legislature ended session by taking action on several Business Council priorities including:

Most importantly, the session ended without imposition of significant costly new compliance burdens on the private sector.

Earlier this year, the adoption of a fourth consecutive sustainable growth budget illustrated the state's new sense of fiscal discipline, an important achievement, recently recognized by an upgrading of the state's credit rating to its highest level in 50 years.

The budget also included the most significant broad-based business tax reforms adopted in New York in the past twenty years. Structural tax reform that reduces compliance costs, and lower tax burdens on key sectors of the state's economy, will improve our economic climate and foster growth upstate and downstate alike. The package will provide employers with approximately $560 million in tax relief that can be reinvested in the economy.

No doubt, we have more work to do to promote new jobs, new investments, and strong communities across New York. Nevertheless, the 2014 session continued to keep New York's economy on a new, positive path forward.