Senator Nozzolio Introduces Legislation to Eliminate the Gap Elimination Adjustment and Reduce Property Taxes

Now that Summer is ending and Fall is quickly approaching, children throughout our area will be heading back to school. As the school year begins, I want to share some important updates regarding our children’s education, property taxes in our region, and the Gap Elimination Adjustment (GEA).

Many people do not fully understand the financial impact that the Gap Elimination Adjustment (GEA) has had on our local school districts. TheGEA was an unfair state aid cut to our schools that was enacted in 2010 when New York City politicians controlled all three branches of state government; the State Senate, the State Assembly and the Governor's office. The GEA was a disastrous funding gimmick that made drastic cuts in state aid to our schools in order to close the enormous financial shortfall in the 2010 New York State budget. This financial shortfall was the result of billions of dollars of overspending in 2009 and 2010 on non-educational related expenditures. When the GEA was adopted in 2010, I strongly opposed and voted against its adoption into law. From its inception in 2010, the GEA has cost our local school districts hundreds of thousands of dollars in badly needed State aid for our schools.

The GEA has forced many school districts to choose between cutting programs - programs that are vital to our children’s education - or raising property taxes. This is a lose-lose proposition that puts a strain on both our school districts and our local taxpayers.

For the last four years, I have been working aggressively to reduce and completely eliminate the GEA. Since the GEA was adopted in 2010, I have been successful in restoring over $ 35 million in state funding to our schools in an effort to reduce the financial impact of the GEA on our schools and property taxpayers.

There is, however, still much work to be done. In an order to correct this situation, I am sponsoring legislation in the State Senate that would end the GEA once and for all.

As a result of a landmark settlement between the French Bank BNP Paribas and regulators at the State and Federal level, New York State will receive over $3 billion from BNP Paribas for their repeated violations of U.S. laws and sanctions. The legislation that I am sponsoring would take $1 billion from the settlement to totally eliminate the GEA. In addition, this plan would also support scheduled increases in state aid for our schools and help to make sure that they can continue to provide the best education possible for our children. More State aid to our school districts will help to keep our local property taxes down.

Nothing is more important to me than providing for our children's education. We must continue to give our young people every opportunity to learn and succeed so they can compete in today's global marketplace. A great education is the key that can open the door to a bright future for our children and you have my continued commitment to eliminate the GEA as quickly as possible.

Your support for this plan will be key to enacting this legislation into law. I encourage you to sign my on-line petition to eliminate the GEA and hope you will encourage others to do so as well. You can sign my petition by CLICKING HERE

I firmly believe there is no better use of these funds than to help our local school districts and local property taxpayers.