New York State Assembly

"This evening, our Conference released its revenue forecast, sharing our fiscal projections and assumptions. Our projection of All Fund tax revenue for New York State is $330.4 million less than the Governor forecasted for the 2012-13 and 2013-14 fiscal years. Compared to the Governor, our forecast includes lower projected revenues in Personal Income Taxes, as well as Sales and User Taxes, Business Taxes, Other Taxes and the MTA Payroll Tax. On an All Fund basis, our projection anticipates $29 million less this year and $127.5 million less next year in State Business Tax revenue.

This budget forecast should serve as a wakeup call. Albany must make the 2011 Middle Class Personal Income Tax cuts permanent and stop the financially destructive practice of deferring business-related tax credits. Changing the way we tax families and small businesses, promoting a sensible statewide economic development plan and cutting job-killing rules, regulations and red tape that act as barriers to job creation are all necessary to ensure an economic recovery that strengthens all parts of our economy and benefits all New Yorkers."