Tag Archives: ken pokalsky

Business Council interview on The Capitol Pressroom

KenandSusan

The Business Council’s Vice President of Government Affairs recapped the end of the legislative session in Albany earlier this week on WCNY’s Capitol Pressroom with Susan Arbetter.

Among the many topics covered were how business fared this session, brownfield redevelopment, tax cuts, jobs, and the economy.

Listen to the interview on WCNY’s website (interview starts at the 37:44 mark).

New York’s corporate tax reform improves state business tax climate

The recently finalized FY 2014-2015 New York state budget includes major reforms to the state’s corporate income tax system and estate tax that will broaden the state’s tax bases, lower tax rates and reduce the complexity of New York’s flawed corporate tax code, according to a new report released by the Tax Foundation. The Business Council aggressively advocated for these tax reforms to be included in the final state budget. The Tax Foundation noted that if these reforms had been implemented prior to its evaluation of state tax laws in mid-2013, that New York’s corporate tax system would have ranked 4th best nationwide, behind only three states with no corporate income tax, instead of 25th.

“The Business Council helped shape, and strongly supported this reform package, knowing it would make New York’s business tax climate more competitive,” said Ken Pokalsky, vice president of government affairs for The Business Council of New York State. It is gratifying to see the state’s actions gaining national attention, as one of the most significant tax reform packages adopted by any state over the last year.”

The Tax Foundation report summarizes the elements of the lengthy bill, and its key findings include:

  • The four different tax bases for calculating corporate tax are reduced to three as of FY 2015 (eliminating the corporate AMT base) and further reduced to two over time (eliminating the capital stock base).
  • The corporate net income tax rate is reduced from 7.1 percent to 6.5 percent, the lowest level since 1968.
  • The duplicative bank tax system is merged into the better-developed corporate tax system.
  • The estate tax is recoupled over time to the higher federal threshold, exempting many small businesses from hefty taxes upon the death of their owners. The generation-skipping transfer tax is repealed.
  • Net operating losses are restructured to reduce uncertainty for taxpayers, NOL carrybacks are extended to three years, and the $10,000 cap is removed. NOL carryforwards remain twenty years, similar to federal law.
  • The individual add-on Minimum Tax is repealed.
  • If the changes enacted by the bill were in full effect for the most recent version of the State Business Tax Climate Index, New York’s corporate tax system would have ranked 4th best of the fifty states instead of 25th best.

 

In the 2014 State Business Tax Climate Index, which evaluated state tax laws as of July 1, 2013, New York’s corporate tax system ranked 25th best out of the fifty states, and the overall tax structure ranked 50th, or last. If the changes enacted by the bill were in full effect for the most recent version of the Index, New York’s corporate tax system would have instead ranked 4th best of the fifty states, behind only three states with no corporate income tax.

The state’s overall rank would have improved two spots to 48th, beating New Jersey and California. New York is not a low-tax state, and its economic success is because of strengths that overcome a challenging tax environment, with recent tax commission reports recommending many of the changes incorporated in the bill.

“New York is not a low-tax state, and its economic success is because of strengths that overcome a challenging tax environment. High taxes need not also be complex or poorly structured taxes, however, and removing these obstacles will encourage job creation and economic activity,” said Joseph Henchman, Tax Foundation Vice President of State Projects. “New York’s 2014 corporate tax reform is an impressive step toward tackling this problem by broadening bases, lowering rates, reducing burdens, and eliminating needless complexity.”

Read the full Tax Foundation analysis, New York Corporate Tax Overhaul Broadens Bases, Lowers Rates, and Reduces Complexity, on the Tax Foundation’s website.

 

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

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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).

Casino vote next week

AR-131039867NY Jobs Now continued its effort this week to let New Yorkers know of the economic benefits that expanded casino gaming venues could bring to the state.  At a press conference yesterday in Saratoga, Business Council of New York State Vice President of Government Affairs Ken Pokalsky (pictured) urged voters to vote “yes” on vote on Proposal 1 when they head to the polls next week.

Heather C.Briccetti, Esq. president and CEO of the Business Council of New York State, who represented the group today at an event on the issue in New York City said, “This year, business and labor, Democrats and Republicans are working together to bring back the more than $1.2 billion New Yorkers spend every year at nearby gaming resorts across the state line.  It’s time we bring that kind of money home to create jobs, support schools, and take property tax pressure off our towns and cities.”

Proposal 1 would authorize four additional casinos in New York state and bring an estimated 10,000 new jobs.  Revenue from the casinos would benefit local municipalities and school systems.

Business Council on repowering Dunkirk

An op-ed written by Ken Pokalsky, vice president of government affairs for The Business Council, was published yesterday. The op-ed focuses on energy costs associated with repowering the Dunkirk facility, the need for the energy market to remain competitive, and the impact that energy costs have on industrial and commercial businesses, many of whom are Business Council members.

Pokalsky writes, “The Business Council believes that creating an economically competitive business climate is the only long-term solution for the upstate economy. New York needs to promote private sector investment and private sector jobs. Adding unnecessary costs and financial exposure to the electric ratepayer is contrary to that goal.” He added, ” requiring businesses and individuals to buy their energy from specific sources is not a minor adjustment, and would have negative ramifications for a market that is working well.”

Read the full op-ed on our website.

Annual pay notification repeal blocked at end of session

Ken Pokalsky, vice president of government affairs at The Business Council, is featured in today’s Business Review article on how the repeal of the annual pay notification requirement, part of the Wage Theft Prevention Act, was blocked at the end of this year’s legislative session. The measure had been moving forward, passing the Senate with bipartisan support in late June and with an Assembly companion bill introduced with a bipartisan mix of 62 cosponsors.

Read the full article on the Business Review website.

Crain’s: Gender equality bill raises concerns for The Business Council

The Business Council is raising concerns about some of the provisions in Governor Cuomo’s newly released Women’s Equality Act. Ken Pokalsky, vice president of government affairs for The Business Council, spoke with Andrew Hawkins of Crain’s New York Business about those concerns which include the protection of an employee’s right to share wage information.

Click here to read more.

Video: Ken Pokalsky, Brian Sampson and Mike Durant on New York NOW

Ken Pokalsky, vice president of government affairs at The Business Council, appeared alongside Brian Sampson, executive director of Unshackle Upstate, and Mike Durant, the New York State Director for NFIB, on WMHT’s news program New York Now. The roundtable discussion led by Casey Seiler of the Times Union focused on their reactions to the state budget and their hopes for the remainder of the legislative session.

Watch Air Quality Concerns in WNY on PBS. See more from New York NOW.

VP Ken Pokalsky on “New York Now”

Ken Pokalsky, Vice President of Government Affairs, The Business Council of New York State, Inc.
Ken Pokalsky

Ken Pokalsky, vice president of government affairs at The Business Council, will be appearing alongside Brian Sampson, executive director of Unshackle Upstate, and Mike Durant, the New York State Director for NFIB, on WMHT’s news program New York Now at 7:30 p.m. tonight and at 11:00 a.m. and 11:00 p.m. Sunday. The three will be appearing with program host Casey Seiler of the Times Union. Their roundtable discussion will focus on their reactions to the state budget and their hopes for the remainder of the legislative session.