Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

CBC: New York State Budget & Jobs Summit

422 views

Published on

New York State Budget & Jobs Summit: Economic growth is the solution to New York’s budget and tax problems.

A presentation by the Partnership for New York City and Citizens Budget Commission

  • DOWNLOAD THIS BOOKS INTO AVAILABLE FORMAT (Unlimited) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { https://tinyurl.com/y6a5rkg5 } ......................................................................................................................... Download Full EPUB Ebook here { https://tinyurl.com/y6a5rkg5 } ......................................................................................................................... ACCESS WEBSITE for All Ebooks ......................................................................................................................... Download Full PDF EBOOK here { https://tinyurl.com/y6a5rkg5 } ......................................................................................................................... Download EPUB Ebook here { https://tinyurl.com/y6a5rkg5 } ......................................................................................................................... Download doc Ebook here { https://tinyurl.com/y6a5rkg5 } ......................................................................................................................... ......................................................................................................................... ......................................................................................................................... .............. Browse by Genre Available eBooks ......................................................................................................................... Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult,
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Be the first to like this

CBC: New York State Budget & Jobs Summit

  1. 1. New York State Budget & Jobs Summit February 23, 2010 Updated Presentation
  2. 2. Introduction • Economic growth is the solution to New York’s budget and tax problems. • New York State is not in the game when it comes to competitive business attraction and new job incentives. • Subsidies are generous, but not targeted to create industry clusters with multiplier impacts on state and regional economies.
  3. 3. After 25 Years, Time for a New Approach to Economic Development • Zones sunset in June, although current beneficiaries will get tax subsidies and municipalities will not lose the benefits of Qualified Empire Zone Enterprises through the term of existing agreements. • No new companies will be enrolled, which will save about $25 million in annual additions to program costs. • The goal of the EZ program was 1980’s urban revitalization not business attraction and job creation in the innovation economy.
  4. 4. Menu of Current & Proposed NYS Programs New or Expanded Programs Continuing Programs and annual funding levels • Economic Development Fund • Excelsior Jobs Program ($50M) ($6.18M) – R&D Tax Credit • Jobs Now (reapprop. $31.1M) – New Job Incentive • Minority & Women-Owned – Investment Tax Credit Business Enterprise Lending • Film Tax Credit ($420M) ($3.4M) • Legacy Manufacturing Program • Upstate Regional Blueprint (Existing Appropriations) Program/Downstate Revitalization Program ($155M • Seed Capital Fund ($25M) 2008 appropriation.) • Small Business Revolving Loan • Urban and Community Fund ($25M) Development Program ($3.4M)
  5. 5. Summary of ESD Discretionary Projects 2007 - 2009: Approved Projects Funded Through EDF, JobsNow, Downtown Revitalization and Upstate Regional Blueprint Mohawk Valley $45M (19.4%) North Finger Lakes Central NY Country $19.1M (8.2%) $21.8M (9.4%) $18.4M (7.9%) Capital Western NY Region $48.8M (21%) $12.3M (5.3%) Southern Tier Mid-Hudson $7.6M (3.3%) $8.8M (3.8%) Long Island New York City $40.5M (17.4%) $10.2M (4.4%)
  6. 6. Excelsior Jobs Program: A Job Creation and Cluster Focus • New Jobs Incentive: $2,500 - $10,000 credit per job created. • Research and Development Tax Credit: 10% based on the federal R&D credit. • Investment Tax Credit: 2% credit on depreciable assets.
  7. 7. Excelsior Jobs Program Advantages: • Very competitive with other states – up to twice as generous as New Jersey’s Business Employment Incentive Program. • Provides for an annual incremental increase of $50 million in economic development incentives – double that of the Empire Zones Program. • No geographic limitations; the entire state will benefit. • Targets high wage jobs and strategic growth industries. Concerns: • 50-job eligibility threshold is high for many communities. • NYS needs a program to write down power costs and encourage capital improvements for manufacturing retention. • Property taxes must be dealt with through IDA programs.
  8. 8. Economic Development Regions: Industries Targeted by Excelsior & Average Wage Central NY Mohawk Valley North Country Finger Lakes Biomed:$96k Electronics: $71k Electronics: $89k Back Office: $34k Back Office: IT: $61k Manufacturing: Manufacturing: $38k $34k $52k Capital Region Western NY Electronics: $89k IT: $68k IT: $82k Biomed: $72k Southern Tier Mid-Hudson Biomed: $74k Transportation Equipment: Industrial Long Island Machinery: $80k $68k New York City IT: $124k Biomed:$69k Biomed:$123k
  9. 9. Conclusions • 2/3 of EZ subsidies have gone to real estate development, utilities, retail and professional services firms that do not generate economic growth. Excelsior would revitalize communities so that the private market supports these activities without subsidy. • To compete, New York needs predictable, “as of right” incentives targeted to growth sector industries. • Unlike EZs, Excelsior would provide a high return on state investment.

×