Pin It
albanycapital120New York State Senator Mike Nozzolio announced Thursday a new Senate initiative designed to reduce the burden on taxpayers and to create jobs.  This important series of legislative measures would eliminate the utility tax in two years and cap State spending, while reducing the burden on New York’s hardworking taxpayers and job-producing businesses.

“We must take decisive action to keep New York State moving in the right direction and create a more favorable environment for job-producing businesses to grow well paying jobs right here in our local community. That is why I am working aggressively to reduce the heavy burden that costly and duplicative government regulations and taxes have on hardworking business owners and taxpayers all across our State,” said Nozzolio.

The Senate Tax Reform Plan would:

Eliminate the Utility Tax Early
  • Accelerate the elimination of the job-killing Utility Tax Surcharge so that it is phased out in two years instead of three.  New York’s high energy costs are already the biggest impediment to job growth and economic recovery in our State. This past legislative session, Senator Nozzolio led the effort to phase this tax out over 3 years and is working aggressively to repeal it sooner.

Cap State Spending – Prevent Future Tax Increases

  • Formalize and make permanent a two percent cap on State spending growth. Over the past two years, the State saved $17 billion through a self-imposed two percent cap.  By making a cap permanent going forward, New York could save an additional $11 billion over the next four years;
  • Require a two-thirds majority vote by the State Legislature in order to enact a new tax increase;

Reduce Estate Taxes

  • Increase the threshold amount needed to trigger an estate tax.  This measure would help protect family farms and small businesses thereby allowing future generations to continue to operate these job-producing enterprises.

Create Jobs
  • Reduce corporate tax rates to create new jobs and support the efforts of our local entrepreneurs and job creators;
  • Make the Brownfield Tax Credit permanent in order to encourage the cleanup and redevelopment of areas previously designated as containing contaminants.
  • Simply the tax code for individuals and job-producing businesses;
  • Reduce taxes that hurt job creation and hinder the competitiveness of small businesses and manufacturers, including the complete elimination of the Corporate Tax on manufacturers;
  • Reduce the Burden of Property Taxes

Make the property tax cap permanent; and
  • Provide temporary property tax relief to millions of hardworking families across the State until the full impact of the tax cap is realized.

“These job creation and tax reduction initiatives will set the groundwork for New York State to be competitive once again and will encourage private sector businesses to invest and create jobs here in New York.  Now, we must build on the success of the past three years and take the next steps to continue the economic recovery of our State and reduce the burden on New York’s hardworking taxpayers. It is my belief that we must do everything possible to cut taxes and control spending to create a better future for our young people, friends and community,” concluded Nozzolio.

v9i47
Pin It