Tuesday, March 1, 2011

Mo Money Mo Tax Cuts

Senate Republicans are predicting the state will have more money in the upcoming fiscal year than Gov. Andrew Cuomo predicts, and they don't want it used for additional spending.
They feel that the $438 million, of estimated additional revenue, (which is $23 million less when factoring in shortfalls from last year) should be used for tax relief or state reserves.
"While a forecast of additional revenue is good news, it should not be used for additional spending," said Majority Leader Dean Skelos, R-Rockville Centre. "I should be used to support the state's reserve fund or for items that provide state and local tax relief."
Senator John DeFrancisco, who chairs the Senate Finance Committee, said the next step is a joint public conference meeting in mid-March, which would be in keeping with the 2007 Budget Reform Act. "THis process bodes well for an orderly budget process and hopefully a timely budget," said DeFrancisco.
What doesn't bode well is that the Senate's released estimates differ from the Assembly's, which means they'll be heading to the bargaining table with different goals and different starting points. (We'll have more on the Assembly numbers later in the day).
The Senate's projections were compiled by IHS Global Insight, a nationally recognized group of fiscal consultants. In 2007 they coordinated with WalMart on their "Save Money Live Better" campaign.

No comments:

Post a Comment