Cost Of State Senate Inaction to New Yorkers
Total Fiscal Impact of Senate Inaction: $2.9 billion
- Local Governments: $741 million
- NYC: $902 million
- State: $1.3 billion
Local Governments: $741 million
- Sales Tax Extenders ($582 million): 34 counties are waiting for senate action to collect an additional one percent in sales tax including: Allegany, Cattaraugus, Cayuga, Chautauqua, Columbia, Delaware, Dutchess, Franklin, Fulton, Genesee, Greene, Herkimer, Lewis, Livingston, Monroe, Montgomery, Niagara, Oneida, Onondaga, Ontario, Orange, Orleans, Oswego, Putnam, Rensselaer, Rockland, Schenectady, Schoharie, Seneca, Sullivan, Tompkins, Ulster, Wayne and Yates. Total sales tax collected by these counties in 2008: $2.4 billion.
- Other Revenue-Generating Initiatives (at least $159 million): 25 counties, cities and villages are waiting for approval for mortgage recording, real estate and hotel/motel taxes; wireless and traffic surcharges; parking authority; deficit financing; income tax surcharges and pension incentive payments.
New York City: $902 million
- Increase NYC’s Sale Tax ($720 million) by a Half-point: New York City’s budget is balanced with a sales tax hike of a half-percent from 4 to 4.5 percent.
- Business Tax Conformity ($182 million): City proposes closing tax loopholes to conform business tax law to state law.
New York State: $1.3 billion
- Individuals with Disabilities Education Improvement Act (IDEA) extender ($699 million): Legislation extends state’s compliance with federal IDEA requirements to receive funding through 2012.
- Bond Cap Increase for Housing Finance Authority ($500 million): Legislation extends some affordable housing programs through 2011 and increases authority’s bond cap by $500 million.
- Power for Jobs/Energy Cost Savings Programs Extender ($125 million): More than 550 businesses and not-for-profits, employing 330,000 New Yorkers, rely on this program for reductions in their energy bills.
- Veteran Service Agency Funding Caps ($500,000): Legislation increases funding caps to let county and city veteran service agencies access funds included in the state budget.