NYS Tax Policy

Groups Lobby for Changes to State Budget to Help Low- and Middle-Income People

March 4, 2019. As New York lawmakers struggle over the proposed 2020 state budget, these are some of the issues that have prompted two organizations to partner for an awareness campaign that’s taking them throughout the state. Ron Deutsch, executive director of the Fiscal Policy Institute, Latham, and the Rev. Peter M. Cook, executive director of the state Council of Churches, are on a three-week tour of communities, large and small. “We believe things have been askew,” Mr. Deutsch said. “The top 1 percent of [...]

2021-01-06T09:57:24-05:00March 11th, 2019|FPI in the News, NYS Tax Policy|

Pied-a-Terre Tax Media Roundup

March 7, 2019. As the first of April inches closer, there has been significant buzz about implementing a Pied-a-Terre Tax on non-primary residences in New York City. Pushed by two New York City Council members and two Manhattan state legislators, the tax would apply a surcharge to homes in the City that are not primary residences and are worth more than $5 million. A report by the Fiscal Policy Institute cited that the proposed tax would generate an estimated $665 million annually from co-ops and condos. Pieds-à-terre [...]

2021-01-06T09:47:08-05:00March 7th, 2019|FPI in the News, NYS Tax Policy|

Support For a Pied-à-Terre Tax in NYC Grows After $240M Penthouse Sale

February 11, 2019. Last month, billionaire Ken Griffith closed on a penthouse at 220 Central Park South for over $239 million, making it the most expensive home ever sold in the United States. Griffin, the founder of the hedge fund Citadel, said he will not use the pricey pad as a primary residence, but instead as “a place to stay when he’s in town.” The staggering sale has renewed support from public officials for a pied-à-terre tax, which would place a yearly surcharge on homes worth $5 million and up, and [...]

2021-01-06T09:34:40-05:00February 11th, 2019|FPI in the News, NYS Tax Policy|

Pied-à-terre Tax Resurfaces Amid 220 Central Park South Purchase

February 6th, 2019. Billionaire Ken Griffin’s record-breaking purchase for $238 million of the penthouse at 220 Central Park South, a super-tall building designed by Robert A.M. Stern in Midtown, is prompting a newfound push for the introduction of a pied-à-terre tax. According to Mark Levine, the council member for District 7 in Manhattan, the tax would be a small surcharge on second homes valued at $5 million or more. Advocates of the tax cite a 2014 report by the Fiscal Policy Institute, which says the proposed tax [...]

2021-01-06T09:35:00-05:00February 6th, 2019|FPI in the News, NYS Tax Policy|

A Closer Look at the Tax Incentives in the Amazon Deal

November 29, 2018. This article discusses further Amazon's decision to put a corporate campus in Long Island City/Queens after a public year-long search and the subsequent skepticism and outrage that followed the decision. Many activists and elected officials oppose the process by which Amazon got its $3 billion deal, feeling that despite the strong overall city economy with low unemployment, it will undoubtedly impact affordable housing, public housing, and the current transportation crisis. The Fiscal Policy Institute and other advocates weighed in whether it makes sense [...]

2021-01-06T11:16:02-05:00November 29th, 2018|FPI in the News, NYS Tax Policy|

The Mystery Tax Breaks Bringing Amazon to LIC

November 13, 2018. This article discusses Amazon's interest to possibly split "HQ2" between Long Island City, New York and Arlington, Virginia and the Governor's incentive package with potentially million dollars of subsidies that has not been shared with the public. The author goes on to discuss that many critics, including the Fiscal Policy Institute, do not think that Amazon should get subsidies because they are unfair and that there should be increased transparency. Amazon’s search for a location for its next main office may be coming to [...]

2021-01-06T12:33:18-05:00November 13th, 2018|FPI in the News, NYS Tax Policy|

The Downsides of Property Tax Caps

July 26, 2018. The Center on Budget and Policy Priorities (CBPP) released a report last week about how property tax caps are hampering the abilities of municipalities to fund basic services and are exacerbating inequality. The study focused on the impact of caps in Michigan, Massachusetts, Oregon and New York. In New York, more than three-quarters of cities and half of the counties reported significant fiscal stress due to the the adoption of its tax cap in 2011 and subsequent cuts in state aid. During a [...]

2021-01-06T13:16:21-05:00July 26th, 2018|FPI in the News, NYS Tax Policy|

Brief: New York State’s Continuing Tax Reform: governor’s unincorporated business income tax proposal

July 16, 2018.The State of New York continues to evaluate possible adjustments to its tax system in response to the federal Tax Cuts and Jobs Act of 2017 (TCJA). Governor Cuomo proposed the idea of a statewide unincorporated business income tax (UBT) in early 2018. Perhaps due to the complexity involved, the UBT did not make it into the state budget package along with the other response measures: a payroll tax workaround, decoupling of rules for itemized deductions and other state tax rules from the [...]

2021-01-06T12:15:00-05:00July 20th, 2018|NYS Tax Policy, Testimony|

‘Live From New York’: Saturday Night Live Lands Big Tax Breaks For Filming

July 19, 2018. This articles discusses the significant tax breaks that the long-running show, Saturday Night Live, receives from New York State. New York offers the largest film tax credit program in the nation at $420 million a year. Many state officials feel that the program is very successful because it has led to an influx of shows and movies filming not only in New York City but also across the state, and that without the credit, productions would move to other states. However, critics of [...]

2021-01-06T12:12:54-05:00July 20th, 2018|FPI in the News, NYS Tax Policy|

Interview: Rethinking the Property Tax Cap

July 20, 2018. The Center on Budget and Policy Priorities recently released a new report on property tax restrictions which concluded that state limits on property taxes should be relaxed or repealed because they make it more difficult for localities to provide services. Ron Deutsch, Executive Director of the Fiscal Policy Institute, joins Michael Leachman from the Center on Budget and Policy Priorities on Capital Tonight on Spectrum News in discussing how property taxes are unable to keep up with the rising costs of services [...]

2021-01-06T12:12:32-05:00July 20th, 2018|Blog, NYS Tax Policy|

In Albany, Nixon backs tax cap, but has plan to ease override procedure

June 8, 2018. This articles discusses how gubernatorial candidate, Cynthia Nixon, expressed her support for the two percent property tax cap and that overriding it should be easier if residents of a school district want to exceed that cap during an Albany meeting with school superintendents. Multiple organizations, including the Fiscal Policy Institute, weighed in during the meeting about the impact of tax cuts. Before Nixon arrived, superintendents heard from state finance experts Frank Mauro and E.J. McMahon on how the Republican/Trump tax cuts may [...]

2021-01-06T11:50:33-05:00June 11th, 2018|Blog, NYS Tax Policy|

NYS Tax Reform for Fiscal 2019 – Let’s Take Our Time and Get It Right

Jonas J.N. Shaende, PhD, Fiscal Policy Institute March 26, 2018 Governor Cuomo released his 30-day amendments to the Executive Budget where he outlined his plan for the state’s tax system redesign in response to the tax changes at the federal level. The state legislature – both the Assembly and the Senate – reviewed the plan and supplied their respective amendments to the Executive Budget proposal. The direction taken by the governor is a good one, however, the set of solutions being discussed and the process [...]

2021-01-06T11:22:38-05:00March 26th, 2018|NYS Budget, NYS Tax Policy|

Internet Sales Tax Capture Effort Stalled in Albany

March 23, 2018. The expansion of the sales tax on cyberspace transactions was projected to raise $160 million for the state treasury and another $160 million for county governments, many of which split portions of their share with towns, villages and cities. The proposal, advanced by Gov. Andrew Cuomo in his executive budget, was blocked by Senate Republicans, who have been adamant they will not approve new taxes this year.  The Retail Council of New York State, representing brick-and-mortar stores throughout the state, is one [...]

2021-01-06T11:21:05-05:00March 23rd, 2018|FPI in the News, NYS Tax Policy|

Claw-Back Tax Rally on Wall Street and Beyond

March 20, 2018. On March 9th a protest was held on Wall Street demanding that corporations either pay their workers or pay their fair share of taxes. FPI joined the rally, where ordinary tax payers, elected officials, community organizations and labor unions called for a 0.5% New York State tax on stock buyback trades, which would mean corporations using their federal tax cuts simply to benefit their shareholders would have to pay a small New York State tax on the buyback. The tax is estimated [...]

2018-03-20T12:35:27-04:00March 20th, 2018|Blog, NYS Tax Policy, Tax & Budget|

Wealthy Inequality Forum at Caffé Lena on March 27th

“What Wealth Inequality Looks Like in Our Community,” an interactive program, will take place from 6 to 8:30 p.m. Tuesday, March 27, at Caffé Lena, Phila Street, Saratoga Springs. Please join the Fiscal Policy Institute's Ron Deutsch and others in discussing issues like food insecurity, poverty, and the impact of the federal administration's changes on New York.  

2021-01-06T11:20:07-05:00March 14th, 2018|Blog, NYS Tax Policy|
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