NYS taxes

“Tax-Free NY” is now “Start-Up NY” – Still Bad Tax Policy, Still Bad Economic Development Policy

July 9, 2013. Despite the concerns raised by economists across the political spectrum, a somewhat revised version (A. 8113 and S. 5903) of Governor Cuomo’s “Tax-Free New York” proposal was introduced on June 20, 2013, passed by both houses of the Legislature on June 21, 2013, and signed into law by the Governor on June 24, 2013. The Fiscal Policy Institute’s June 11, 2013 brief on the original proposal concluded that that it was bad tax policy and bad … (read more)

Groups Say Tax Free-NY is Bad Economic Development Policy, Bad Tax Policy and Bad for New York.

June 11, 2013. Frank Mauro of the Fiscal Policy Institute joined with community, student and labor groups at a press conference in the Legislative Office Building in Albany to urge the Legislature to reject the Governor’s ill-conceived Tax-Free NY proposal.  The press conference was organized by Ron Deutsch, the executive director of New Yorkers for Fiscal Fairness.

Mauro distributed FPI’s new report on the Tax-Free NY proposal at the press conference which was covered by a number of news … (read more)

Tax-Free New York – Bad Tax Policy, Bad Economic Development Policy

June 11, 2013. This brief concludes that Tax-Free New York is bad tax policy and bad economic development policy. From a tax policy perspective, the Tax-Free NY proposal is inconsistent with the two long-established pillars of tax fairness—horizontal equity and vertical equity.  In addition, New York State’s past experience with geographically-targeted business tax incentives should raise huge red flags regarding the efficacy of the proposal as an economic development strategy.

Besides being diametrically opposed to the principles of tax fairness, … (read more)

Walmart and other large, low-wage employers will benefit financially from New York’s new Minimum Wage Reimbursement Credit.

April 5, 2013. Unless disclosure requirements are clarified, we’ll probably never know exactly how much Walmart and other large, low-wage employers receive in government subsidies under New York’s new Minimum Wage Reimbursement Credit (MWRC). But based on the best data available, we estimate that Walmart is likely to receive MWRC subsidies of between $53 million and $85 million over the next five years.

New York’s new MWRC will provide employers a tax credit for the hours worked by students between … (read more)

The Many Problems with New York’s Proposed Minimum Wage Reimbursement Credit

March 25, 2013. This was to have been the year New York caught up with the 19 other states and the District of Columbia with a minimum wage above the $7.25 an hour federal level. Minimum wage legislation that passed the Assembly also would have indexed the minimum wage in future years—as 10 other states do—so that inflation would not steadily erode its purchasing power. However, the agreement reached over the weekend in Albany falls far short. It increases the … (read more)

Testimony at the Joint Legislative Public Hearing on the 2013-2014 Executive Budget – Taxes

February 12, 2013. In this testimony, Frank Mauro made the following six points:

  1. New York State should not cut taxes while the resources provided for education and other essential services are being hit with “Gap Elimination Adjustments” and other austerity measures.
  2. New York State should not provide tax subsidies for companies that outsource jobs or otherwise reduce employment in the state.  Economic development tax breaks should only go to businesses that create and maintain jobs in the state.
  3. Loopholes
(read more)

FPI on New York’s 2013-14 State Budget

February 12, 2013. We have updated the Economic and Fiscal Outlook 2013-2014 briefing book that was originally released at FPI’s 23rd annual budget briefing on January 29, and submitted testimony by Carolyn Boldiston on the implications for Human Services of the Governor’s 2013-2014 Executive Budget and testimony by Frank Mauro on Tax Issues related to the Legislature’s consideration of the Executive Budget. We have also completed an analysis, with the New York Women’s Foundation, of the impact of the … (read more)

Coalition and lawmakers call on Governor, Legislature to close corporate tax loopholes to level playing field for small business and restore public services

January 30, 2013. As part of a coalition of community, labor, faith, student and Occupy organizations, the Fiscal Policy Institute has launched a campaign to bring fairness and transparency to New York’s corporate tax system, ending costly loopholes that cost taxpayers and businesses dearly. The coalition is calling on Governor Cuomo and the Legislature to close a series of unfair corporate tax loopholes, raising nearly $1billion for this year’s state budget and leveling the playing field between large out-of-state multinational … (read more)

New York State Economic and Fiscal Outlook 2013-2014

January 29, 2013. The Fiscal Policy Institute’s 23rd annual budget briefing. Briefing Book(read more)

Advocates urge Cuomo to carry through on tax reform commission

May 25, 2012. Tax reform advocacy groups from around the state gathered on May 22 to remind the Governor that he pledged to create a tax reform commission in his State of the State address earlier this year. News coverage:

  • “Omnibus members question Cuomo’s tax plans” – a post by Rick Karlin, Albany Times Union Capitol Confidential blog.
  • “Groups Urge Tax Reform” – a post by Joseph Spector, Albany Watch blog. Includes a video of Ron Deutsch of New Yorkers
(read more)