DiNapoli’s Reform Plan NY Torch

State Comptroller Thomas DiNapoli today issued a "Strategy for Fiscal Reform" that focuses on the budget process, but his most significant and potentially valuable recommendation deals with debt. (more…)...

So much for that Wall Street bonus bounce NY Torch

"Changes in the timing and structure of financial services sector compensation, which have resulted in lower than expected personal income tax [PIT] revenues" led to a $1 billion state PIT shortfall in January, which in turn has helped add $750 milli...

Mystery solved NY Torch

Last week, an item was posted here about Governor Paterson's somewhat puzzling announcement implying (seemingly) that his 2011-12 budget would result in a $1 billion surplus that he would use to finance a property tax circuit breaker.  "If the gover...

A Made-in-Albany NYC Tax Hike? NY Torch

Governor Paterson's 2010-11 Executive Budget carries a hidden New York City personal income tax (PIT) increase for the city's wealthiest households. The increase would result from adoption of Paterson's proposed changes to the state School Tax Relief...

Fiscal Crisis: The Movie NY Torch

Producers of films made principally in New York will receive another $420 million a year in state tax subsidies under Gov. Paterson's 2010-11 Executive Budget.  The proposed allocation of $2.1 billion for the film production credit over the next fiv...

Paterson’s budget: first takes NY Torch

A news release from Governor David Paterson claims he is proposing "significant spending reductions" in the 2010-11 Executive Budget he is releasing today.   If only it were true. The net budget "reductions" sought by the governor consist largely o...

Paterson’s property tax distraction NY Torch

Some thoughts on Governor Paterson's announcement today that he expects his forthcoming 2010-11 Executive Budget to result in a 2011-12 "surplus" of $1 billion that he will propose using for "property tax relief" in the form of a new "circuit-breaker...

Blueprint for a better state budget NY Torch

Daily News columnist Bill Hammond says that the Empire Center's new Blueprint for a Better Budget, which proposes $30 billion in savings over three years, should be "required reading for Gov. Paterson and all 212 members of the Legislature," and tha...