'Upstate Economic Agenda': Repeal of key taxes; tax credits; brownfield incentives

STAFF CONTACT :

Director of Communications
518.465.7511
07
Jan
2000

Governor Pataki's proposed "21st Century Upstate Economic Agenda" urges repeal of the state's Gross Receipts Tax on energy.

Additional elements of his economic growth incentive include:

Additional energy tax changes

  • Taxation of all energy companies based on net income.
  • Repeal of the current utility franchise tax based on gross receipts and dividends.
  • Phasing out of excess property taxes imposed on energy corporations.

Initiatives targeting upstate

  • Creation of "Upstate High Technology Enterprise Zones" with special tax advantages, including employment credits and R&D credits.
  • Authorization of an Upstate Urban Job Creation Tax Credit.

Other tax changes

  • Reduction in the state income tax rate on small business from 7.5 percent to 6.85 percent.
  • Repeal of the entity-level tax on S corporations.
  • Authorization of up to $40 million in tax credits for the clean-up of brownfield sites, to encourage their use as industrial locations.
  • Use of state funds to reduce property taxes on rail companies that make a commitment to continued service and capital investment.