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2013 newera plan

  1. 1.  Reduce state income taxes by 25 percent for Upstate residents making less than $50,000 annually o Approximate annual cost of $225 million  Reduce the Corporate Franchise Tax (9-A) for Upstate businesses o Phase out over 4 years and eliminate by 2018  25-percent reduction in 2014-15  50-percent reduction in 2015-16  75-percent reduction in 2016-17  Full repeal in 2017-18 o Approximate cost of $273 million in 2014-15  Reduce state sales tax by 50 percent in targeted Upstate counties o Reduce state sales tax share by 50 percent (from 4 percent to 2 percent) for the Upstate counties with the significant decline in population and high unemployment rates o Approximate annual cost of $250 million  Eliminate the 18a energy assessment for Upstate manufacturers o Approximate cost of $190 million in 2014-15  Cost will be reduced in succeeding years as the tax is phased out  Develop the Marcellus Shale o Generate approximately $78 million in state revenue in 2014-15  Revenues will grow in future years as natural gas development activity increases Total approximate cost: $860 million