Senator Farley Discusses Busy Agenda For 2007 New York State Senate Legislative Session

Over the past few weeks, my New York State Senate colleagues and I have outlined several new and exciting initiatives that we will tackle during this current Legislative Session. Many of our goals revolve around lowering taxes.

One of our main initiatives is to significantly expand the Senate-initiated property tax relief rebate program to provide $2.6 billion in property tax relief this year and $3.4 billion in 2008. The plan would triple the size of direct property tax rebate checks in the first year, and establish a Blue Ribbon Commission to make reforms to help reduce property taxes. The Commission would examine and make recommendations on specific areas of reforms for local governments and school systems with the goal of reducing the property tax burden in New York State. The focus of the report will be on enhanced accountability, alternative financing methods, governance options, property assessment plans, and tax containment policies. The Commission would also be charged with examining possible alternatives to the real property tax for funding schools and changes to the property assessment system.

Another proposal would give voters a greater say in local tax rates by allowing them to collect signatures to limit the growth in the local school and municipal tax rates. If a sufficient number of signatures are collected, a proposition would be placed on the ballot at the next school budget vote. The petition would set the type of limits on the tax rate. If approved, the limits on increasing the tax rate would be in effect for three years.

There are almost half a million small businesses in New York State, with 70 percent of them employing ten people or less. The majority of new jobs created in New York are created by small businesses. The Senate plans to help our small businesses by proposing to eliminate the corporate income and franchise tax for manufacturers; provide direct property tax relief checks to small businesses; provide tax relief for businesses that pay personal income tax; provide tax credits for the costs of energy; and cut State red tape and bureaucracy.

The Senate Majority has initiated tax cuts and reductions that have provided taxpayers with a cumulative savings of more than $126 billion. These proposals would build on the Senate’s record by specifically targeting small business job growth.