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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
www.unshackleupstate.com
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