Today, The Business Council of New York State issued the following statement from President and CEO Heather C. Briccetti, Esq. on the New York State Budget
“For the fourth year in a row, the budget reflects a plan to control spending — keeping it at less than two percent — illustrating the commitment of Governor Cuomo and New York’s legislative leaders to keep New York on the path to prosperity.
“The broad-based tax reductions and reforms included in the budget — the most significant New York has seen in decades — will improve our tax climate relative to other states and promote investment and jobs in key economic sectors throughout the state.
“By adopting key tax reform measures — including modernizing and restructuring the corporate franchise tax, reforming bank taxation, reducing the corporate franchise tax rate to 6.5 percent, adopting the 20 percent real property tax credit for manufacturers, and others — New York will provide employers with approximately $560 million in tax relief that can be reinvested in the economy. This will allow companies to better keep jobs and resources in New York that benefit communities across the state.
“Significant reforms to the state’s estate tax law, eventually matching the federal exemption, will eliminate the estate tax for many small businesses, farm owners, and homeowners alike, avoiding business disruptions and reducing the incentive to migrate out of New York.
“Although the budget makes adjustments to the implementation of the Common Core, The Business Council was pleased to see it preserves the new, more rigorous standards that are crucial to ensuring students graduate college, and career, ready.
“Additionally, the sustained funding for New York’s tourism industry will help continue the momentum of the past few years, investing in an economy that boosts jobs and economic growth.
“The final budget agreement is overwhelmingly positive for the state’s economic climate. We look forward to continuing our work with the Governor and Legislature to continue to grow job opportunity and the economy in New York.”