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Press Mention Taxes
April 01, 2018Tax 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.”
March 18, 2018Strategies to mitigate the federal tax law's threat to New York's competitiveness and New Yorkers' wallets.
Report Economic Development
December 05, 2017This report provides an overview of TIF and a five-point checklist drawn from lessons learned from past projects to help identify potential TIF projects.
Press Mention Taxes
April 24, 2017A 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.
December 22, 2016Why do owners of the same type of property pay vastly different rates?
Press Mention Taxes
October 20, 2016New homeowners are running into problems with the state's STAR Program. As part of this year's budget, the tax break for homeowners turned into a rebate check. The problem? The state shorted hundreds of homeowners.
Report State Budget
June 20, 2016The impact of a possible recession could be as high as $59 billion, or 18.2 percent of tax revenues over four years.
December 16, 2015This policy brief considers the implications of a recession for the Metropolitan Transportation Authority’s (MTA) current financial plan.
August 25, 2015This policy brief suggests alternatives for taxes on services regulated by New York City’s Taxi and Limousine Commission as a potential source of filling the gap in the MTA's proposed 2015-2019 capital plan.
December 06, 2013The purpose of this background paper is to help inform tax policy choices that the new mayoral administration may face. It examines levels of taxation in New York City compared to other cities, and it reviews research on how taxes affect the local economy and migration patterns.
December 05, 2013The purpose of this report is to describe three options for increasing property tax revenues. The first of these options maintains status quo inequities; in contrast, the other two address some major problems with fairness and efficiency that characterize current policy.
February 04, 2008CBC recently looked at the option of expanding New York’s existing circuit breaker program to provide targeted relief to the neediest taxpayers as background for a forum on local tax relief convened on December 6, 2007. Based on that review of options the following points, outlined in this report, can be highlighted: 1) Circuit breakers are common; 2) New York’s circuit breaker needs reform; and 3) The poorly crafted School Tax Relief Program (STAR) would work better as a circuit breaker.
December 06, 2007A background paper for the third session of a 2007 stakeholder conference to “fix Albany.” The process by which the next budget is prepared and debated, as well as the substantive decisions it embodies, are critical to the movement for political and fiscal reform in New York State. This paper focuses on a more equitable and affordable local tax burden.
Presentation State Budget
December 06, 2007Presentation from a stakeholder conference on setting budget reform priorities in 2007.
June 02, 2007This report focuses on state and local business taxes in New York City, showing that those taxes are dramatically higher than comparable taxes for key competitors. Combined federal, state, and local taxes reduce the rate of return on new business investment in New York City significantly – about 36-50 percent, depending on location and industry. Most of this is due to federal tax – typically 34-36 percentage points. Taxes in New York City were the highest in all industries in 2006, and were highest or second-highest under virtually all scenarios examined. By contrast, taxes in other New York locations often were lowest or nearly lowest among the locations compared.
December 11, 2006In this background paper prepared for a panel discussion "How Much Do Taxes Matter? New York City's Tax Burden and Economic Competitiveness," which was convened by CBC on December 11, 2006, Elizabeth Roistacher, professor of economics at CUNY Queens College, summarizes the econometric literature that tries to model the relationship between tax levels and economic growth.
November 01, 2006Following up on its previous research on the issues surrounding the State Court’s decision in the Campaign for Fiscal Equity case, CBC hosted two expert panel discussions focusing on key issues in education finance reform. This brief recounts the proceedings from the second of those discussions, which took place on April 27, 2006. The discussion focused on responsibly generating revenues to fund the Court’s mandate, thinking about other changes needed to accomplish reform, and developing the role of the business community in seeing reform across the finish line.