31
Dec
1999
| Subject | Executive Budget |
Senate Majority |
Senate Minority |
Assembly Majority |
Assembly Minority |
| Alternative minimum tax | Reduce AMT from currently scheduled 3% to 2.5% as of July 2000. | Reduce AMT from currently scheduled 3% to 2.5% as of July 2000. | No proposal. | No proposal. | Reduce AMT from currently scheduled 3% to 2.5% as of July 2000. |
| Gross
receipts tax |
Phase down GRT on commodity portion of electric charges, from current 3.25% to 0 as of January 2003. | Reduce GRT on energy and telecom companies from currently scheduled 2.5% to 2% as of January 1, 2002. | Phase out GRT on electricity bills as proposed in Executive Budget; provide GRT abatement for high-speed telecom access. | No proposal. | Accelerate scheduled reduction (to 2.5%) from current January 2000 to September 1999. |
| Excess dividends tax on utilities | Repeal as of January 1999. | Exclude certain payments from subsidiary to holding company. | Repeal as of January 1999. | No proposal. | Repeal as of January 1999. |
| Subsidiary capital tax on utilities | Eliminate for energy utilities, by moving such taxpayers into Art. 9-a. | Exclude stock and debt of energy holding companies’ subsidiaries from “subsidiary capital.” | Eliminate for energy utilities, by moving such taxpayers into Art. 9-a. | No proposal. | Eliminate for energy utilities, by moving such taxpayers into Art. 9-a. |
| Natural gas import tax | Repeal. | Exempt electric corporations. | Repeal. | No proposal. | Repeal. |
| Tax on energy sold for resale | Repeal of .75% GRT. | Exemption for companies selling in wholesale market. | Repeal of .75% GRT. | No proposal. | Repeal of .75% GRT. |
| Bank tax rate | Reduce from 9 to 7.5% over three years, starting after June 30, 2000. | Reduce from 9 to 7.5% over three years, starting after June 30, 1999. | No proposal. | No proposal. | Reduce from 9 to 7.5% over three years, starting after June 30, 2000. |
| Insurance tax rate | Reduce from 9 to 7.5% over three years, starting after June 30, 2000. | Reduce from 9 to 7.5% over three years, starting after June 30, 1999. | No proposal. | No proposal. | Reduce from 9 to 7.5% over three years, starting after June 30, 2000. |
| Subject | Executive Budget |
Senate Majority |
Senate Minority |
Assembly Majority |
Assembly Minority |
| Insurance tax “cap” | Reduce overall cap for property & casualty insurers from 2.6% to 2.0%. | Reduce overall cap for property & casualty insurers from 2.6% to 2.0%. | No proposal. | No proposal. | No proposal. |
| Highway use tax | No proposal. | Reduce ton-mileage tax another 25%. | Replace ton-mileage tax with fee-based system. | No proposal. | Replace ton-mileage tax with fee-based system. |
| High-tech tax credits | Expand credit for Qualified Emerging Technology Companies. | Expand credit for Qualified Emerging Technology Companies. | No proposal. | Extend employment and capital investment credits to businesses filing under personal income tax; expand credits. | No proposal. |
| Credits for emerging companies | Exclude from tax part of gain from sale of assets used in newly created or acquired business. | No proposal. | No proposal. | Enhance job credits for emerging technology companies; double credits for emerging technology start-ups. | Exclude from tax part of gain from sale of assets used in newly created or acquired business. |
| University research credit | No proposal. | No proposal. | No proposal. | Provide credit of 20% of new contributions to
not-for-profit research organizations. |
No proposal. |
| Telecom and broadcast equipment | No proposal. | Expand sales tax exemption for central-office equipment to outside equipment; and investment to meet federal HDTV standards. | No proposal. | Expand sales tax exemption for central-office equipment to outside equipment. | No proposal. |
| Research & development credit | No proposal. | No proposal. | No proposal. | No proposal. | Make credit refundable for companies less than 10 years old. |
| Subject | Executive Budget |
Senate Majority |
Senate Minority |
Assembly Majority |
Assembly Minority |
| Petroleum business tax | No proposal. | Repeal taxes on kerojet fuel and commercial heating oil. | No proposal. | No proposal. | Repeal tax on commercial heating oil. |
| Health-care assessments | Speed up repeal of provider tax on hospitals and nursing homes. | No proposal. | No proposal. | No proposal. | No proposal. |
| Sales & use “turnover” taxes | No proposal. | No proposal. | Repeal sales tax on goods and services needed to run business. | No proposal. | No proposal. |
| Estimated full value to taxpayers | $380 million | $670 million | $430 million | $75 million | $476 million |
Compiled by The Business Council of New York State, Inc.