LE ROY PENNYSAVER & NEWS - JANUARY 19, 2014
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by Senator Ranzenhofer
January 2014
The New York State Senate
convened last Wednesday at
12:15 p.m. for the first time in
2014 to officially begin this
year’s Legislative Session and
to receive an update by Governor
Cuomo on the State of the State.
The message of the annual
address could be summarized
best by two words: tax relief.
The Governor’s presentation
outlined a series of tax relief
initiatives, including a two-year
freeze on property taxes, lowering
business taxes, eliminating taxes
for Upstate manufacturers and
accelerating the phase-out of the
utility tax.
These proposals have the
potential to continue chipping
away at New York’s high tax
burden, just as enacting a
property tax cap and reducing
income taxes rates started that
process a few years back.
I am pleased that the Governor
followed the lead of the report
released by the State Senate last
fall. Many of the Governor’s
proposals were outlined by
The
Tax Policy Review and Reform
Initiative
, and I have been an
advocate of many of these
initiatives for several years now.
Eliminating the corporate
income tax rate for Upstate
Manufacturers, and creating a
new tax property tax credit for all
manufacturers, would reduce the
tax burden on those companies by
more than $160 million. Merging
the bank tax into the corporate
franchise tax, then lowering
the rate to the lowest level in
more than 45 years, would save
businesses hundreds of millions
of dollars.
Accelerating the phase-out of
the 18-A surcharge (the utility
tax) would put more money
back in residents’ wallets, while
helping to keep energy costs
down for businesses. Freezing
property taxes would further
enhance the two-percent property
tax cap implemented years ago,
providing almost a billion dollars
in property tax relief back to
beleaguered taxpayers.
For a small business or
manufacturer, tax relief will
help to grow our local economy
by enhancing a firm’s ability to
invest and create jobs. For a
homeowner or family, cutting
taxes will make it more affordable
to live in New York, creating
more opportunity.
Once the Governor has released
the details of his budget, I will be
workingwithmy colleagues in the
State Senate and State Assembly
to review these proposals. It is
important to note that I believe
that these proposals should be
just the beginning of providing
additional tax relief to all New
Yorkers at every level. Even after
enacting some, if not all, of these
proposals, much more still needs
to be done to lower New York’s
tax burden.
That is why cutting taxes
will continue to be one of my
major priorities, not just for this
legislative session, but for the
next one and the one after that.
Tax relief with the farthest reach,
and to as many New Yorkers
as possible, will help to ensure
a brighter, stronger and more
prosperous economy for Western
New York.
State Of The State:
More Tax Relief Is Still Necessary
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