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Blog
State Budget
Don’t Get Too High on Potential Marijuana Revenues
December 13, 2018
There is significant revenue potential from the marijuana industry, but research suggests that many months or years of careful planning precede consistent revenues.
Blog
Taxes
New York City Homeowners
Who's Got the Unfairest Tax Burden of Them All?
September 12, 2018
One of the basic principles of good tax policy is equity: similarly situated taxpayers should have similarly sized tax bills. New York City’s property tax system does not comport with this principle.
Press Mention
Taxes
New York Crafts Loophole to Protect Property Tax Deductions. But the I.R.S. Could Close It.
The New York Times
April 01, 2018
Tax experts said two plans Gov. Andrew M. Cuomo pushed for in the budget face certain challenges. One, which in effect converts local property taxes into charitable contributions, will most likely be questioned by the Internal Revenue Service. And the other — a complicated option to convert the state income tax to a payroll tax — may prove difficult to sell to businesses and employees. That plan would lower the gross salary for workers but seek to keep their net pay equal to what it was before the federal cap went into effect.Carol Kellermann, president of the Citizens Budget Commission, a fiscal watchdog group, said the plans are worth trying.
“A lot of people are criticizing the provisions, saying they won’t work,” Ms. Kellermann said. “It’s worth trying. There’s no downside to creating the vehicles to try these out.”
Blog
Transportation
Tsk-tsk on Governor’s TIF Proposal
February 02, 2018
The FY 2019 Executive Budget proposed to allow the MTA to create tax increment financing districts in NYC to raise revenue for capital improvements. Though TIFs can play a useful role, the proposal is flawed.
Press Mention
Taxes
NYC property taxes favor rich and white homeowners, lawsuit claims
April 24, 2017
A coalition called Tax Equity Now NY, which includes the NAACP, the Black Institute, several landlords and homeowners, has teamed up with lawyers from the firm Latham & Watkins, including former Chief Judge Jonathan Lippmann, to file a class-action suit this week charging that the DNA of the city’s property tax system is racially biased and favors the affluent over the working- and middle-class.
Blog
Economic Development
NY’s Economic Development Programs Costliest in the Nation
April 07, 2017
It's official: NY's economic development programs cost more than in any other state.