Rochester, N.Y. – A coalition of more than 80 businesses and manufacturers says it is going to propose a plan to state lawmakers that could provide them some economic relief.
“Part of our plan is to do some things here in upstate new York specifically to put more money in people’s pockets and help them spend that money in their community,” said the Executive Director of Unshackle Upstate Brain Sampson speaking about their five point plan that calls for hydro-fracking, a reduction in income and state sales tax for residents, and the elimination of some burdensome taxes for upstate business and manufacturers.
The plan’s cost is equivalent to six-tenths of one percent of the projected 2014 state budget and would provide $860 million is savings to the region.
These are the plan details provided by Unshackle Upstate and the Rochester Business Alliance.
- Reduce state income taxes by 25 percent for Upstate residents making less than $50,000 annually.
- Approximate annual cost of $225 million
- Reduce the Corporate Franchise Tax (9-A) for Upstate businesses.
- Phase out over four years and eliminate by 2018
- 25 percent reduction in 2014-15
- 50 percent reduction in 2015-16
- 75 percent reduction in 2016-17
- Full repeal in 2017-18
- Approximate cost of $273 million in 2014-15
- Reduce state sales tax by 50 percent in targeted Upstate counties
- Reduce state sales tax share by 50 percent (from four percent to two percent) for the Upstate counties with significant declines in population and high unemployment rates
- Approximate annual cost of $250 million
- Eliminate the 18a energy assessment for Upstate manufacturers
- Approximate cost of $190 million in 2014-15
- Cost will be reduced in succeeding years as the tax is phased out
- Develop the Marcellus Shale
- Generate approximately $78 million in state revenue in 2014-15
- Revenues will grow in future years as natural gas development activity increases