ALBANY, N.Y.—“While The Business Council was supportive of federal business tax reforms, we also acknowledged the negative impacts that a cap on SALT deductibility would have on a high-tax state like New York. We appreciate that the Executive has been engaged with the state’s employers in reviewing these impacts and in evaluating mitigation options. We will be reviewing draft legislation included with the Governor’s 30-day amendments, including the proposal for an employer opt-in to pay a new payroll tax. Employers will have to carefully consider the shift of tax liability and administrative costs when evaluating this election. The creation of a charitable contribution mechanism is more palatable to the state’s business community, but its value will depend on IRS deductibility. We are also very pleased to see the state will decouple from federal personal income tax provisions in areas where inaction would lead to further tax increases on New Yorkers. We urge the state to do likewise in regard to the corporate franchise tax. The Council also continues to emphasize that, with multi-year, multi-billion budget deficits, New York needs to more fully examine its spending practices, especially in major programs such as Medicaid and education, and determine why are our costs are so much higher than other states without the results to match.”
This statement is attributed to Heather C. Briccetti, Esq., president and CEO of The Business Council of New York State, Inc.