Cuomo wasn’t referring to any of the notable business tax giveaways he has personally promoted, such as the $420 million a year the state doles out to wealthy film and TV producers, or the state's $750 million speculative investment in billionaire Elon Musk’s solar panel factory in Buffalo, or the 100 percent tax exemptions that will flow to the handpicked corporate occupants of START-UP NY zones. [Read_more]
General Electric announced today it is pulling the plug on its Durathon battery project, which is manufactured by a Schenectady-based subsidiary, GEMx Technologies. The project, which for a time employed more than 350 people, was awarded $12.5 million in "JOBS Now" capital funding from the state Empire State Development Corp. in 2013. [Read_more]
The governor, who likes to boast of getting budgets adopted before the March 31 end of the fiscal year (which is not required by law), maintained his perfect record of never once meeting the Oct. 30 statutory deadline for filing the latest quarterly financial report, which is supposed to summarize the state's actual financial experience during the first six months of the year and to update projections for the next four years. [Read_more]
But taxpayer contributions to NYSTRS, already due to drop by more than four full percentage points of covered payroll in school year 2015-16, nonetheless are projected by the system actuary to decrease by a little bit more (up to 1.76 percentage points) in 2016-17. [Read_more]
Due to low inflation, the basic tax cap for local fiscal years beginning Jan. 1, 2016, will be 0.73 percent, lowest since the cap's 2011 enactment. [Read_more]
Councilor Khalid Bey's hiring preference proposal reflects an understandable desperation to jump-start employment growth in a city with 33.2 percent poverty rate.
It's also a really bad idea. [Read_more]
Even some notable liberal economists who generally favor a higher federal minimum wage are not in favor of going up as far as $15, as the Manhattan Institute's Alex Armlovich pointed out in this Daily News op-ed over the weekend.
Yet the governor, so far, has yet to acknowledge any possible tradeoffs from a policy that would make it much more expensive for employers to hire unskilled or less skilled entry-level workers. [Read_more]