Parker Presents to Division of the Budget

Sandy Parker, president and CEO of Rochester Business Alliance, presented a package of proposed tax cuts to the Division of the Budget in Albany, NY Tuesday. Parker spoke on behalf of Unshackle Upstate and the more than 32,000 upstate businesses represented by the coalition's 60-plus partners.

"Unshackle Upstate believes that the key to revitalizing the Upstate economy is to continue reducing the high taxes and high costs of doing business," said Parker.

The key reforms that the coalition is proposing for 2008 include tax relief, economic development policies (including brownfields and energy), and regulatory reform as it pertains to the state's Scaffold Law.

Parker proposed a 3-part tax reform including the following:

• A 5-year phase-out of the corporate franchise tax on upstate businesses
• A tax rebate of $700 for upstate businesses employing 50 or fewer people
• Personal tax relief for people ages 18 to 25 from the current $7,500 to $10,000, and creation of a $2,500 state deduction on student loan interest

Parker stated that through "significant budget reform and spending restraint, the state can address projected budget deficits so that business and personal tax reductions may be implemented without levying unnecessary taxes, fees or loopholes." In doing so, New York State will become more competitive for new business investment, helping the entire state's economy to grow.

For Parker's complete testimony, click here.