Category Archives: Financial Services

Final New York state budget needs to grow jobs and economy

As the Governor and New York State Legislature progress in final budget negotiations, The Business Council of New York State, Inc. is calling for a final state budget that boost jobs and New York’s economy.

“Job creation and economic growth are key to building strong communities in New York,” said Heather C. Briccetti, Esq., president and CEO of The Business Council of New York State, Inc. “Continuing to restrain spending, implementing broad-based tax reform and mandate relief need to be a priority for a final state budget.”

The Council also debuted a new ad, “Help New York’s economy grow,” focusing on how tax cuts will help improve New York’s economy. Watch the ad below.

[youtube height=”HEIGHT” width=”WIDTH”]http://www.youtube.com/watch?v=K5XYdVo6UeQ&feature=youtu.be[/youtube]

Business Council Vice President of Government Affairs Ken Pokalsky’s letter to the editor was published in the Albany Times Union. Read his letter that outlines how increasing taxes won’t help create jobs in New York how tax cuts would help create a more competitive economic climate to generate good-paying jobs and healthier communities.

A study earlier this year by The Public Policy Institute of New York State, Inc. (PPI), “Analysis of Economic Impacts of New York Corporate Income Tax Reform,” showed that when the tax reforms are fully adopted, major business and employment sectors will grow including construction, trades and business service sectors, manufacturing, and financial services.

Among the other issues of concern to The Business Council in a final state budget: Paid Family Leave, Out-of-Network Mandates, Energy Tax, Campaign Finance Reform, Brownfields, and education and tourism funding. Read more on The Business Council’s website.

Business Council’s Ken Pokalsky on Governor Cuomo’s Bank Tax Plan

Ken

 

Ken Pokalsky, The Business Council’s vice president of government affairs, spoke to the Time Warner Cable News show Capital Tonight about the New York State Senate and Assembly one-house budget resolutions that modify Governor Cuomo’s bank tax.

Pokalsky highlighted how changing the bank tax will help keep jobs in New York and boost the economy noting that most states don’t have a separate bank tax and that the proposed changes are the same as changes that happened ten years ago for corporations doing business in NY. Since 1990, nationwide bank jobs have increased by 200,000 but New York state has lost 100,000 bank jobs during that time.

Watch the full interview on the Time Warner Cable news website (TWC ID required).

Pokalsky also spoke out on the issue on WCNY’s Capitol Pressroom earlier in the week.  Listen to the interview on WCNY’s website (starts at 13:30).

Bank tax reform will benefit New York

Last week a flurry of special interests took to the airwaves spreading misinformation about the business tax reforms proposed in the Executive Budget. Among the misinformation: that business tax reform, including bank tax reform, would significantly limit spending in the new state budget and that repealing the bank tax would only serve to pad the pockets of Wall Street. The truth is, business tax reform along with the other energy and estate tax reforms proposed in Governor Cuomo’s Executive Budget will help create much needed, good paying jobs in New York state and creating a more attractive business climate will help expand the middle class.

By merging the bank tax with the broader corporate franchise tax, companies will benefit from a simpler tax compliance structure. Imposing separate bank and corporate taxes somewhat unique to New York state, as the majority of other states, and the federal government, do not impose separate taxes. Easier compliance, in addition to eliminating provisions that currently penalize banks for keeping jobs and resources in New York, something that already exists for the general business community means New York will see a greater investment in jobs and the economy.

Creating this opportunity in New York needs to be a priority for the state and legislators in Albany. The banking sector may be improving, or even “doing well,” but New York’s share of U.S. employment in the financial sector has fallen since 1990. Banking jobs nation-wide have increased by 200,000 but New York’s share of those jobs has declined by 100,000.

The majority of the business tax reforms proposed in the Executive Budget have little or no impact on the FY 2015 spending plan now under negotiation, in fact, the bank tax would contribute to the budget in FY 2015 and the corporate franchise tax is actually projected to generate about $70 million more in more revenues in FY 2015. Even with the Governor’s proposed tax reform package, state spending is projected to grow by $8 billion in just three years while state tax-funded spending will grow by $5 billion.

Sustainable spending growth and reducing taxes to create economic growth, good jobs and strong communities needs to be a priority for New York

The Business Council supports the Governor’s budget proposal, including its broad based tax reforms, because it is part of a workable, sustainable long term spending plan for New York State.

Small business loans rising in WNY

The number of government-backed small-business loans approved in 2013 more than doubled from the previous year. Data from the Buffalo District Office of the U.S. Small Business Administration, shows that through May, the office approved 440 SBA loans totaling $87.1 million, compared to 200 totaling $32.9 million the year before.

Business First Buffalo has the full story.

Former governors weigh in on Hank Greenberg

The Wall Street Journal published an op-ed by former Governors Mario Cuomo and George Pataki stating that Attorney General Eric Schneiderman should drop the case against Maurice “Hank” Greenberg, the former chairman and chief executive officer of the insurer AIG.  The op-ed outines that the Attorney General has gone too far in pursuing Greenberg under the powers of the Martin Act.

Read the full op-ed on The Wall Street Journal website.

 

 

Barriers to credit hamper small business growth

The Federal Reserve Bank of New York today released its latest Small Business Credit Survey, providing insight into the credit experiences and business climate of more than 800 small businesses in New York, New Jersey and Connecticut. Nearly half (49 percent) of firms polled cited access to capital as a barrier to growth, but only a third of firms actually report applying for credit in the last year. While the concern was mostly (66 percent) among those firms operating at a loss, 36 percent of profitable firms also reported difficulty getting the credit they needed to expand their businesses.

Overall, the success rate for firms applying and receiving credit held steady (63 percent) from 2012, although more firms this year received all of the credit they sought.

The survey also found: 

  • Small businesses reported a need for small amounts of capital ($100,000 or less), mostly for cash flow and operating expenses.
  • 28 percent of businesses cited finding employees as a growth barrier.
  • Reported application rates remained steady at 36 percent with applicants having established borrowing experience and reporting positive sales growth.
  • 27 percent of firms plan to apply for credit in the next six months, another 24 percent of firms are uncertain.

More information including interactive graphics are available on the New York Fed’s website.

Bloomberg News also reported on the survey results earlier today.

 

 

M&T doubles SBA loan dollars

According to the U.S. Small Business Administration, M & T Bank approved 126 new SBA flagship 7(a) loans totaling $25.8 million between October 1, 2012 and March 31. That’s quite a change from a year ago when, over the same period, it approved 94 loans totaling $10.3 million.

Allison Kline reporting the story for Buffalo Business First. Click here to read more.

 

 

KeyBank to celebrate Earth Day with Shred Day

On Saturday, April 20, from 9 a.m. to 1 p.m., KeyBank will be offering free document shredding to local residents and businesses as part of Shred Day. Shredding services will be provided by Cintas’ Mobile Shredding Truck at the bank’s Colonie branch at 1259 Central Avenue.

 

SHRED DAY DETAILS

WHAT KeyBank will be providing free document shredding by Cintas. Local residents can bring up to three boxes of bank and credit card statements, tax forms, receipts and other sensitive paper documents that require safe disposal. Documents are shredded onsite by a Cintas Mobile Shredding Truck, and all shredded material is recycled.Colonie Police D.A.R.E. Officer will be available to discuss their programs and handing out Child Identity Kits as part of Operation SAFE CHILD!Entertainment will be provided by FLY92’s Brian Cody and Chrissy Cavotta. Enter to win a Kindle Fire, April 20 through May 18.
WHEN Saturday, April 20, 2013
9 a.m. – 1:00 p.m.
WHERE KeyBank’s Colonie Branch
1295 Central Avenue, Albany, NY

 

“We’re inviting people to bring up to three boxes of bank and credit card statements, tax forms, receipts and other sensitive paper documents that require safe disposal,” said Ralph Foster, manager of KeyBank’s Colonie branch. “All of the documents will be shred onsite and will be recycled into secondary paper products, such as paper towels, to reduce waste and impact on the environment.”

For more information, visit https://www.key.com/. KeyBank is member FDIC.