The business lobby group Unshackle Upstate, has proposed income tax cuts for New York state residents who earn less than $50,000 a year as part of a five-point Economic Revitalization Plan released on Tuesday. The income tax cuts carry the pricetag of $225 million by the group's own estimates. The proposal also puts forward a plan for the phased elimination of the Corporate Franchise Tax by 2018.
The total bill for the plan is $860 million.
“The public policies that are passed in the halls of Albany tend to have a more dramatic impact on our economy then the do the downstate areas. So what we believe is that by giving the money to people who need it the most, that is our small business and the individuals that are making less than $50 thousand dollars, you’re going to infuse more cash into our economy, ” says the group's Executive Director, Brian Sampson.
Lieutenant Governor Robert Duffy reacted to the ERA proposal during his visit to Buffalo Wednesday.
“You’re talking to a governor who has made it one of his cornerstone issues to reduce taxes. He is looking for ways to make New York State much more business friendly. I have not read the entire report yet, I saw a blurb in the media. I think it is very consistent with the Governor’s views on trying to bring the state back to a much better business climate,”
The plan is expected to cost 860-million-dollars. Brian Sampson says Unshackle Upstate proposes lifting the statewide moratorium ban on hydro-fracking to offset that cost.
Unshackle Upstate will promote the Revitalization Plan through a series of regional events in coming weeks. Senator Ted O'Brien (D, WF) who represents eastern Monroe and western Ontario counties:
...expressed his support [today] for a broad range of tax relief proposals for Upstate New York detailed in Unshackle Upstate’s "New ERA" (Economical Revitalization Agenda) plan.
