The impact of declining crude oil prices, already visible at the gas pump, has now rippled through to New York State’s petroleum business tax (PBT). Effective Jan. 1, the PBT on motor fuel has dropped by a whopping six-tenths of a penny, to 17.8 cents per gallon from 18.4 cents per gallon, according to the state Department of Taxation and Finance. Read More
The Kingston school board struck a blow for local taxpayers last month when it voted against requiring a project labor agreement (PLA) on a school renovation project. While local union leaders slammed the move as “fiscally irresponsible,” the board’s 5-4 vote was a big win for taxpayers and sets an example for other communities facing a similar choice. Read More
With the economy improving, New York’s “domestic migration” loss has jumped back to pre-recession levels—pushing the Empire State to fourth place, behind Florida, in national population rankings. Read More
The 2015 budget adopted today by the board of the state Thruway Authority was slightly revised from the proposed version but continues to assume rising tolls through 2018. Read More
A bill expanding the share of New York public pension funds that can be invested in complex, high-risk alternative assets such as private equity and hedge funds has been vetoed by Governor Andrew Cuomo. Read More
Governor Andrew Cuomo's decision to ban high-volume hydraulic fracturing in New York State is a huge blow to the fragile and declining economy of the Southern Tier. Read More
New York continued to impose one of nation's highest state and local tax burdens relative to income during fiscal 2012, according to data released today by the US Census Bureau. Read More
Governor Andrew Cuomo last week announced a new "Innovation Venture Capital Fund" to invest up to $50 million in public funds into start-up companies. Meanwhile, the state’s existing venture fund, known as Innovate NY, is the subject of a federal audit focused on a firm whose managing director was named by Cuomo to his 2010 gubernatorial transition team and to a regional economic development council. Read More
Two days after the Empire Center highlighted looming deficits in the state Thruway Authority budget, the authority's board has put off the meeting at which it was expected to adopt a final budget for 2015. Read More
The New York State Thruway Authority could need to raise tolls by nearly 5 percent to balance its financial plan next year—on the way to a 44 percent toll increase by 2018, according to the “toll revenue target” in the authority’s proposed 2015 budget. Read More
Nearly six months after being passed by the state Legislature, two bills with significant implications for public pension benefit levels and costs in New York finally have been sent to Governor Andrew Cuomo for his veto or signature. Read More
New York’s largest state and local government employee union is ending its unconstitutional collection of mandatory agency fees from day care providers who receive subsidies from the state, according to a letter the union has sent to providers. Read More