Gov. Andrew Cuomo spoke at Onondaga Community College yesterday where his remarks focused on Start-Up NY and taxes. The Governor called New York’s tax rates “onerous,” and promoted his plan to completely eliminate state taxes for some businesses for a designated time period, as opposed to lowering the tax rates for all companies across the state. Specifically, he noted that the did not want to reduce taxes downstate, and was focusing Upstate’s economy as it has been, “shedding job and people for decades.”
Read more on the Governor’s trip on the Syracuse Post Standard website.
Thank you, Sydney Brownstone of The Village Voice, for letting us know about Texas Governor Rick Perry’s impending four-day visit to New York and Connecticut next week. Brownstone reports that Perry will meeting with gun manufacturers, the pharmaceutical industry and the financial sector. Click here to see the Texas is Calling video.
In Pennsylvania, the overall number of income tax returns showing rent and royalty income climbed by 19 percent from 2006 until 2010. For those in counties with Marcellus activity, the increase was 29 percent. Statewide royalty income rose 61 percent from 2006 to 2010 with an increase of 119 percent in counties with Marcellus Shale drilling activity. These figures come from a recently released Allegheny Institute for Public Policy report.
“From all accounts natural gas drilling in the Marcellus Shale formation has been an economic boon for Pennsylvania. While the exact overall impact may be up for debate, what is not debatable is the benefit for owners of the land and/or mineral rights where wells are located,” wrote Frank Gamrat, Ph.D, author of the report.
That view has been echoed by The Business Council in its support of natural gas development in New York, particularly in the Southern Tier. “There are very few opportunities available with the same job creating potential as the exploration and development of shale gas,” said Heather Briccetti, president and CEO of The Business Council in a statement opposing the Assembly’s shale gas moratorium vote in March.
New York City continues to top the list of cities in the Americas most attractive to foreign investors according to fDi magazine. Other U.S. cities making the top 10 included Houston, Atlanta, San Francisco, Chicago and Miami. New York City attracted 1.08% of global foreign direct investment (FDI) despite Hurricane Sandy and also topped the list of Best Major American City for Infrastructure.
Other cities that made the list include, Toronto, Montreal and Vancouver as well as the Brazilian city of São Paulo.
Read the full rankings and report on The Financial Times’ FDI Intelligence website (free registration required).
This story, written by Patrick Lakamp of The Buffalo News, comes under the heading of interesting. A few years ago, a Clarence man filed suit against the town claiming it allowed a developer to drain water onto his land. The water covered his land… and then the frogs came.
Click here to read more.
Rick Moriarty of The Post-Standard posted a story about the new state law that bars industrial development agencies from assisting retail projects. But there are, as the headline suggests, workarounds.
Click here to read more.
Newsday’s Robert Brodsky reports on Nassau County Executive Edward Mangano’s State of the County address. Mangano addressed economic issues and unveiled a “scaled-down” plan for the Nassau Coliseum.
Full story here. (Subscription Based)
The Western New York Regional Economic Council has released what James Fink of Buffalo Business First says is a “blueprint” for allocating $1 billion to “fuel a Buffalo economic resurgence. Here’s his report:
Slightly more than one year after Gov. Andrew Cuomo announced he was allocating $1 billion to fuel a Buffalo economic resurgence, the committee charged with overseeing funding has come up with a game plan for allocation into the community.
The Western New York Regional Economic Council on Thursday released its blueprint by pinpointing developments in such key areas as manufacturing, tourism and skills.
“It’s implementation time,” said Howard Zemsky, regional council co-chair.
The identified initiatives are:
• Buffalo Center for Manufacturing Innovation: a state-of-the-art facility to support the growth of the region’s manufacturing sector. It will be a shared services enterprise that provides support in commercializing applied research, developing more efficient operational processes, enabling entry into new markets, and up-skilling the existing workforce.
• The Buffalo Science Productivity and Research Catalyzer (SPaRC): to help bring breakthrough healthcare innovations to market. The Accelerator supports researchers in developing translational research, acquiring patents, and then licensing those patents or developing them into businesses.
• Buffalo Niagara Tourism Program: a regional tourism program to leverage the world-class tourism assets in Niagara Falls and the City of Buffalo through a more coordinated and sophisticated marketing strategy; investments and increased programming in the Niagara State Park; investments in other regional tourism assets and amenities; and the creation of regional offerings.
• The Buffalo Skills Partnership: a skills broker with initial investments in Rapid Right Skilling. The partnership will make Buffalo’s workforce system the most flexible, diverse and responsive in the nation by aligning education and training behind the skills employers need to expand and workers need for job success.
Click here to read more.