Tax & Budget Archives - Page 3 of 35 - Fiscal Policy Institute

FPI: Recent Investment Firm Relocations Unlikely to Result in State Tax Loss

FOR IMMEDIATE RELEASE: August 23, 2023 Media Contact: press@fiscalpolicy.org FPI: Recent Investment Firm Relocations Unlikely to Result in State Tax Loss “These business decisions are unlikely to have a noticeable effect on the state’s tax revenues” ALBANY, NY — Fiscal Policy Institute Executive Director Nathan Gusdorf today released the following statement: “A recent article stated that New York State lost ‘$1 trillion in assets’ due to a number of asset management firms moving their headquarters out [...]

Anthony Troia2023-09-06T13:37:29-04:00August 23rd, 2023|Press Releases, State Budget|

July Cash Receipts Remain Steady for Third Straight Month

For Immediate Release: August 16, 2023 Media Contact: press@fiscalpolicy.org July Cash Receipts Remain Steady for Third Straight Month "Three months of strong tax receipts confirm State economy remains robust & align with improving economic forecasts" ALBANY, NY | August 16, 2023 — The State Comptroller released its July Cash Report today, showing that July tax receipts came in over projections and over July 2022 levels: July 2023 receipts: $7.75 billion July 2023 projections: $6.87 [...]

Anthony Troia2023-09-06T13:41:36-04:00August 16th, 2023|Financial Plans & Cash Reports, Press Releases|

June Cash Receipts Continue to Stabilize Following April Volatility

The New York State Comptroller's June cash basis report shows that tax receipts for the month of June have stabilized after a shortfall in April. The stable June receipts confirm that New York’s tax base and economy remain strong, and that shortfalls in April reflected weaker-than-expected capital gains in tax year 2022 rather than an imminent downturn.

Anthony Troia2023-10-21T15:11:13-04:00July 14th, 2023|Financial Plans & Cash Reports, Press Releases|

Fiscal Year 2024 Enacted Budget Financial Plan Analysis

New outyear budget gaps in the fiscal year 2024 Enacted Budget Financial Plan reflect heightened pessimism about the state’s economic trajectory by the State’s Division of Budget (DOB). While all economic projections are highly uncertain, the State is well-equipped to weather economic turbulence if these projections do materialize.

Anthony Troia2023-10-21T15:11:04-04:00July 3rd, 2023|Financial Plans & Cash Reports, Must Read, State Budget|

May Cash Receipts Begin to Stabilize Following April Volatility

Following the release of the State Comptroller's May Cash Report yesterday, Fiscal Policy Institute Executive Director Nathan Gusdorf today released the following statements: "The New York State Comptroller's May cash basis report shows that total tax receipts for fiscal year 2024 to date are 3.4 percent over the projections in the Enacted Budget financial plan, with Personal Income Tax receipts to date exceeding such projections by 5.5 percent."

Anthony Troia2023-10-21T15:10:59-04:00June 16th, 2023|Blog, Financial Plans & Cash Reports, Press Releases|

Low Expectations: Understanding the NYC Budget Gap

The Fiscal Policy Institute today released a new report, "Low Expectations: Understanding the NYC Budget Gap." Through an analysis of the past ten years of New York City outyear budget gaps, the report illustrates how the City uses conservative budget forecasting to protect against economic downturns, and outlines why lawmakers should not misinterpret outyear budget gaps as large impending deficits.

Anthony Troia2023-10-21T15:10:53-04:00May 23rd, 2023|City Budget, Tax Policy|

Statement on FY 2024 Budget

Budget relies on temporary tax rates for corporations and highest earners — state's long-term fiscal stability would be better served by making tax rates permanent. Failure to address high cost of living will continue to drive working & middle-class New Yorkers out of state — and undermine statewide economic growth.

Anthony Troia2023-09-06T13:49:57-04:00May 2nd, 2023|Press Releases, State Budget|

Exempting Suburbs from Payroll Mobility Tax Would Cost MTA $200 Million

As the legislature currently contemplates a Payroll Mobility Tax (PMT) increase from 0.34 percent to 0.5 percent to fund the MTA, the Fiscal Policy Institute today released a new report, Who Should Pay the Payroll Mobility Tax? The Case Against Excluding Suburban Counties.

Anthony Troia2023-09-06T13:50:23-04:00April 26th, 2023|State Budget, Tax Policy, Transit|

7 Fiscal Policy Recommendations as the Budget Approaches

With New York State’s fiscal year 2024 budget due April 1, 2024, the Governor and Legislature are nearing the end of negotiations on key policy priorities and the scale of new investments in public services. This brief provides an overview of FPI’s recommendations on major fiscal policy areas at issue in budget negotiations.

Anthony Troia2023-09-06T13:52:14-04:00April 19th, 2023|State Budget, Tax Policy|

Overview of Fiscal Year 2024 Executive vs Legislative Budget Proposals

The fiscal year 2024 Executive Budget limits spending growth to 2.0 percent, with new spending concentrated in Medicaid and School Aid. In contrast, the Assembly proposes budget growth of 5.9 percent, reflecting additional investments in the MTA, SUNY and CUNY, and assistance for low-income renters, paid for through increased taxes on multimillionaires and corporations.

Anthony Troia2023-09-06T13:53:21-04:00March 29th, 2023|State Budget, Tax Policy|

The True Cost of Tuition Hikes on SUNY & CUNY Students

The Governor’s executive budget for fiscal year 2024 aims to increase funding for New York State’s public university system, in part through sharp tuition increases. For the State University of New York’s (SUNY) four university centers, the tuition increases could result in a 51 percent tuition increase over five years. Tuition hikes of this size would represent a generational shift in New York State’s higher education landscape, moving its public universities from among the most accessible in the U.S. to among the most expensive. In doing so, these hikes could jeopardize the universities’ role as engines of upward economic mobility.

Anthony Troia2023-09-08T10:17:20-04:00March 29th, 2023|Education, State Budget|

The Cost of New Property Tax Breaks for Local Government

Tackling New York State’s housing crisis is a central priority of the fiscal year 2024 executive budget. The budget proposes a suite of policy responses designed to create 800,000 new housing units, especially in the New York metropolitan area. Many of these measures, including required changes to local land use policy, are appropriately ambitious, given the urgency of the state’s housing shortfall.

Anthony Troia2023-09-08T10:19:00-04:00March 29th, 2023|City Budget, State Budget, Tax Policy|

Revenue Projection: One House Budget Tax Proposals

Following the release of the State Senate and Assembly Budget Proposals, the Fiscal Policy Institute today released annual revenue estimates for the Personal Income Tax, Corporate Tax, and Corporate Tax Surcharge proposals.

Anthony Troia2023-09-08T10:19:24-04:00March 16th, 2023|Press Releases, State Budget, Tax Policy|

Tax Policy Brief: Estimating Revenue from a More Progressive Income Tax

New York’s budget is largely funded through the state’s personal income tax (PIT). Between 2015 and 2020, state revenue from the personal income tax totaled between $47 billion and $55 billion annually. In 2021, the New York state legislature voted to create new PIT brackets for individuals earning over $1 million annually. This change created a more progressive state income tax system, so that those who earn more pay a larger share of their income in taxes.

Anthony Troia2023-09-08T10:20:46-04:00March 10th, 2023|State Budget, Tax Policy|

Fact vs Fiction: The Truth About New York’s Corporate Tax

March 8, 2023 Most businesses do not pay the corporate tax. Only corporations pay the corporate tax, and approximately 95% of businesses are not corporations. [1] Most businesses are partnerships, LLCs, S-corporations, or sole proprietorships, none of which pay the corporate tax. The biggest corporations pay most of the tax. More than 80% of corporations in New York pay less than $1,000 in tax. [2] Around 75% of all New York corporate tax revenue comes from the 500 most [...]

Anthony Troia2023-09-08T11:05:11-04:00March 7th, 2023|Fact Sheets, Migration, Tax Policy|