Keeping New York Economically Competitive

TOP Keeping New York Economically Competitive
Keeping New York Economically Competitive
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Since day one, Governor Cuomo has fought to reduce taxes for New Yorkers. Today all New Yorkers pay a lower state tax rate than when Governor Cuomo took office, and the Governor has secured the lowest middle class tax rate since 1947, the lowest corporate tax rate since 1968 and the lowest manufacturers tax rate since 1917. While Washington leaves our middle class behind, New York will continue to fight for our hardworking families.

  • Fight the Federal Tax Assault on New York: The recently enacted federal tax law is an assault on New York. By gutting the deductibility of state and local taxes, the law effectively raises middle class families' property and state income taxes by 20 to 25 percent, and undermines a critical foundation of state and local government finances in New York State and across the nation. New York is already the top "donor state" in the nation—contributing $48 billion more annually to the federal government than it gets back—and under the new law the State will pay an additional $14 billion per year. Governor Cuomo believes that we must take dramatic action to preserve our state's economy. He is putting forward a multi-part strategy to fight this assault on New York. First, we will challenge this unprecedented federal double taxation in court as unconstitutional, because it violates states' rights and the principle of equal protection. Second, we will lead the nation's resistance to the new law, starting a repeal-and-replace effort: "Tax Fairness for All" campaign. Third, we will take action to protect the state's economy by exploring the feasibility of a major shift in tax policy, and are developing a plan to restructure the current income and payroll tax system, as well as create new opportunities for charitable contributions to support public programs. As we launch this massive and complicated undertaking, we will engage tax experts, employers, and other stakeholders in a thorough and collaborative process to produce a proposal that promotes fairness for New York's taxpayers and safeguards the competitiveness of New York's economy.

 

  • Address the Carried Interest Loophole: Despite promises to the contrary, the federal government left in place the so-called "carried interest" loophole. Using a multi-state approach, Governor Cuomo will address this Wall Street giveaway.

 

  • Reduce Taxes to Record Lows for Middle-Class New Yorkers: The Budget continues to lower Personal Income Tax rates for middle-class New Yorkers. With the middle class tax cuts of 2012, rates were lowered from 6.85 percent to 6.45 percent for taxpayers in the $40,000-$150,000 income bracket, and to 6.65 percent in the $150,000-$300,000 income bracket. Under these new reforms, the rate will drop even further this year, to 6.33 percent and 6.57 respectively. They will continue to drop all the way to 5.5 percent and 6 percent, respectively, when the cuts are fully phased in by 2025. The average New Yorker will save $250 in taxes in 2018, and $698 when fully phased in. These new lower tax rates will save middle class New Yorkers nearly $6.6 billion in just the first four years, and annual savings are projected to reach $4.2 billion and benefit 6 million filers by 2025. As the new rates phase in, they will be the state's lowest middle class tax rates in more than 70 years.

 

  • Continue to Reduce the Local Property Tax Burden by Making the State's County Shared Services Panels Permanent: Governor Cuomo has made a historic commitment to reducing local property taxes for millions of New Yorkers. New York State will build on the historic progress achieved by taking the next step forward to provide local governments with new tools to put money back in the pockets of middle-class families. The state will provide $225 million in the FY 2019 budget to meet the match commitment of the County Wide Shared Services Initiative and the Governor will work to make the state's successful county-wide shared services panels permanent in order to institutionalize savings initiatives. The Governor proposes that state funding for local government performance aid be conditional on the continuation of shared services panels. The state will also ease rules on the creation of local healthcare consortia to reduce local health insurance costs. The Governor will direct the New York State Department of Financial Services to publish guidance and provide technical assistance to local governments in order to ease the process of creating health consortia, specifically for smaller municipalities. The Governor has directed the Department of State and other agencies to continue to work with local municipalities to examine other legal and policy impediments to shared services by municipalities, such as zoning and other functions, to be considered this session. Additionally, to help communities across the state take advantage of Smart Street Lighting technology and its taxpayer savings and energy efficiency benefits, Governor Cuomo will launch a statewide Smart Street Lighting program to convert 500,000 street lights to LED technology by 2025. This program has the potential to reduce energy consumption annually across the state by 482 gigawatt hours, the equivalent of 44,770 households, save taxpayers $87 million annually, reduce greenhouse gas emissions and improve the quality of light and safety of communities across the state. Finally, Governor Cuomo will continue the state's local property tax relief program that will provide an average reduction of $380 in local property taxes to 2.6 million homeowners this year alone.
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Preparing the Workforce of Today & Tomorrow
Preparing the Workforce of Today & Tomorrow
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Governor Cuomo has overseen a remarkable resurgence of New York's economy. Since he took office, New York's economy has created more than 1 million private sector jobs, and the State's unemployment rate has dropped from 8.3 percent to 4.7 percent. But in the midst of this economic growth today, Governor Cuomo recognizes the urgent necessity of preparing New Yorkers for the good-paying jobs of tomorrow. On average, there will be nearly 362,000 job openings each year in New York over the next ten years, and Governor Cuomo is committed to ensuring that New Yorkers are equipped to fill them. 

 

  • Establish a new, $175 million Consolidated Funding Application for workforce investments through the Regional Economic Development Councils, targeted in emerging fields: Establishing the Consolidated Funding Application for economic development funds is one of the Governor's signature economic development achievements -- a bottom-up approach that brings together higher education, industry and government leaders to plan the future of their region. The State has invested more than $5.4 billion through the REDCs that have funded more than 6,300 projects and supports more than 220,000 jobs across the state. Building on the success of this bottom-up model, establishing a new Consolidated Funding Application for workforce investments would support strategic regional efforts that meet businesses' short-term workforce needs, improve regional talent pipelines, expand apprenticeships, and address the long-term needs of expanding industries—with a particular focus on emerging fields with growing demand for jobs like clean energy and technology. Funds would also support efforts to improve the economic security of women, youth, and other populations that face significant barriers to career advancement. The funding for the workforce CFA will consist both of $150 million in new, flexible resources and $25 million in existing streams of workforce funding.

 

  • Expand the New York Youth Works Program: To build on the success of the Youth Jobs Program, Governor Cuomo proposes to increase the maximum credit available to certified New York employers by 50 percent—raising the maximum tax credit from $5,000 to $7,500 for certified youth employed full-time and from $2,500 to $3,750 for those employed part-time.  In addition, to help participants better-develop the skills needed to advance from an entry-level position toward a chosen career, the Governor will direct the Department of Labor to align and connect employers and youth participating in the Youth Jobs Program with regional workforce development efforts of SUNY, CUNY and New York's BOCES. This alignment will leverage State workforce investments and augment skills development that employers are able to provide on-site with additional workforce support in the classroom and online.

 

  • Create New Office of Workforce Development: Currently, there are dozens of programs available in various agencies, but if we are to maximize our capacity to meet the state's workforce needs, the state needs to better integrate this fragmented process. The Office of Workforce Development will serve as a focal point of accountability and coordination for all workforce training programs for the state, including the new CFA program. Headed by a new Director of Workforce Development, the Office will establish standards for program performance and ensure alignment with the economic development goals of the state and the individual regions. The Director will serve on the State Workforce Investment Board, the Strategic Implementation Assessment Team (which reviews proposals submitted by the 10 Regional Economic Development Councils), and the Regional Community College Councils.
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Continue Regional Economic Development Strategy
Continue Regional Economic Development Strategy
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Governor Cuomo knows that the American Dream centers on economic security and mobility. He has fought to remove barriers to opportunity, strengthen the middle class, and build pathways to help give every New Yorker a chance to succeed and build a better life for themselves and their family. Under Governor Cuomo's leadership, New York has transformed its approach to economic development and adopted a bottom-up strategy that empowers local communities all across the state.

  • Invest $750 Million for Round Eight of the Regional Economic Development Councils: Governor Cuomo created the Regional Economic Development Council competition in 2011 to develop regional economic development plans through a bottom-up approach that brought together higher education, industry and government leaders to plan the future of their region.  The State has invested more than $5.4 billion through the REDCs that has funded more than 6,300 projects and supports more than 220,000 jobs across the state.  To build on the success of the REDC program, the Governor proposes continuing this regional economic development approach with an eighth round of the REDC awards with $750 million to fund regional priority projects.
  • Launch Round Three of the Downtown Revitalization Initiative: To give communities the tools they need to select and fuel targeted revitalization strategies, and build on the Governor's proven track record in energizing the state economy, New York State will expand its already-successful Downtown Revitalization Initiative with an additional $100 million, providing up to $10 million for awards in each region. Together, these investments will ensure that communities have the tools they need to boost their local economies and transform downtown neighborhoods.
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Building 21st Century Infrastructure
Building 21st Century Infrastructure
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Under Governor Cuomo's leadership, New York is moving forward with a $100 billion infrastructure program, the most aggressive and ambitious building program in the country. From investing in rehabilitating roads and bridges and rebuilding airports for the 21st century, New York is moving forward with bold projects across the state: a new Moynihan Train Hall to serve as the world-class transit hub that New York deserves; a 1.2 million square foot expansion of the Javits Convention Center; a new Kosciuszko Bridge, the first major new bridge in New York City in more than 50 years; new train stations in Niagara Falls, Rochester and Schenectady; a $6.6 billion transformation of the Long Island Railroad; and a record MTA Capital Plan to bring New York City's subway system into the 21st century.

  • Broadband for All: New NY Broadband Program Round III Awards: In 2015, the Governor created the New NY Broadband program, the largest and most ambitious state investment in broadband with the goal of ensuring all New Yorkers have access to high speed broadband. Since its launch, the program has reached 2.3 million homes and extended broadband access to over 98 percent of New Yorkers. This year, the Governor will advance Round III of New NY Broadband program awards to address the remaining two percent of New Yorkers, connecting an additional 120,000 locations. Round III will catalyze more than $360 million in total investment, including $225 million in State funding. With Round III, the Governor is proud to announce that New York has invested $1 billion in this effort and 99.9 percent of New Yorkers have commitments for high-speed broadband access, with all but one percent having access to 100 mbps service or better. 
  • Expand Cashless Tolling to the Entire New York State Thruway and Port Authority Crossings: By eliminating the need to stop at a toll, this technology improves the driving experiences, expedites traffic flow and benefits those who live near tollbooths by reducing congestion-related emissions. The Governor championed the implementation of cashless tolling at MTA bridges and tunnels, which was completed in 2017, and also announced that same year the expansion of cashless tolling to the Thruway's Harriman and Grand Island toll facilities. To expand these benefits across the state, Governor Cuomo plans to implement cashless tolling technology on all toll collection points along the Thruway. Additionally, the Governor has also urged the Port Authority of New York and New Jersey to study the possibility of installing cashless toll collection on all PANYNJ operated Bridges and Tunnels. When complete, users of the Thruway, from New York City to Buffalo, will experience reductions in traffic congestion and improvements in travel times. The project will utilize Design-Build construction to reduce costs and accelerate the construction schedule. Cashless tolling throughout the Thruway system will be operational in 2020.
  • Invest in New Mass Transit, New Roads and Bridges: In 2018, New York State will continue its landmark infrastructure program by investing $11.7 billion to transform the state's transportation infrastructure. The State Department of Transportation will pave 2,000 miles of road and repair or rehabilitate 500 bridges, and the New York State Thruway Authority will renew an additional 170 lane miles, repair or rehabilitate 25 bridges and complete the new Governor Mario M. Cuomo bridge in 2018.
  • Redevelop and Rebrand Stewart International: The Governor is calling on the Port Authority to approve this $34 million investment, which would increase access to world-class destinations and attractions throughout the Mid-Hudson Valley by supporting the construction of a permanent U.S. Customs and Border Protection federal inspection station. The new FIS will allow the airport to handle both domestic and international flights, while providing an improved passenger experience for all travelers. Additionally, as part of this modernization effort and to improve its name recognition, the airport will be rebranded as New York International at Stewart Field.
  • Build a New Metro North Station at Woodbury Common: Woodbury Common attracts approximately 13 million visitors a year, causing significant congestion in the community, yet there is no rail option to provide visitors an alternative to driving. By spearheading the accelerated transformation of the Route 32 corridor at Woodbury Common, Governor Cuomo has already taken action to ease the congestion in the area. Building on this effort, Governor Cuomo will support a review of the potential for a public-private partnership to bring a new Metro North Station to Woodbury Common.
  • Build the AirTrain to Create Train-to-Plane Access to LaGuardia Airport: LaGuardia Airport remains the only major East Coast airport without a direct rail link. To address this problem, Governor Cuomo is calling upon the Port Authority of New York and New Jersey to expeditiously authorize the development of an AirTrain connection between LaGuardia and Willets Point in Queens, creating access to both the number 7 subway line and the Long Island Rail Road, which offer service to Grand Central, Penn Station and all of Long Island. The project is expected to be developed through a public-private partnership. The Port Authority will begin the environmental review process as soon as possible, with the goal of starting construction in 2019.
  • Take Steps to Revitalize Red Hook: Red Hook, Brooklyn and its surrounding communities are emerging as a hub of possibility and opportunity. Governor Cuomo is calling on the Port Authority of New York and New Jersey to explore options for improving and consolidating maritime operations by relocating activities in Red Hook to South Brooklyn. In addition, the Governor is also calling on the Metropolitan Transportation Authority to study options for improving transportation access to the Red Hook area and surrounding communities, including the potential extension of subway service from lower Manhattan to a new station in Red Hook through an underwater tunnel.  Once a plan for how to modernize and potentially consolidate maritime activities becomes clear and the MTA study is completed, a community-based planning process with key participation by elected representatives and interested stakeholders would be expected to recommend the appropriate redevelopment alternatives for any Port Authority land no longer needed for maritime needs.
  • Construct an Inland Port in Central New York to Improve Regional Trade: Building on Governor Cuomo's historic investments in modernizing our infrastructure, New York will construct an inland port in the Town of DeWitt that will facilitate the movement of containerized freight by rail as opposed to truck. This initiative will improve the economic competitiveness of import/export businesses in Central New York while leveraging the privately-funded rail infrastructure serving the region. The inland port will serve to reduce the transportation costs of moving containerized freight between the Port of New York and New Jersey and the Central New York region by as much as $500 per container; retain and create freight-related jobs; reduce vehicle emissions; and remove large trucks from both the New York metropolitan area and from Interstate 81.
  • Move I-81 Forward with Expanded Environmental Impact Statement: Governor Cuomo has been a strong advocate for revitalizing the I-81 viaduct and has pushed to carefully explore every option and alternative for this aging artery. In 2017, the Governor directed the New York State Department of Transportation to initiate an independent study of tunnel and depressed highway alternatives for the I-81 corridor, which concluded that while a tunnel is the most expensive option, it is technically feasible and could be studied in the Environmental Impact Statement. Governor Cuomo is now directing DOT to add the tunnel alternative to the current EIS for further review and consideration, which will ensure public and advisory agencies can provide comments on all three feasible alternatives—the viaduct replacement, community grid, and tunnel alternative—and the detailed engineering, social, economic and environmental studies performed for each.
  • Advance the Transformative Long Island Tunnel Proposal: In 2015, the Governor directed $5 million to the Department of Transportation to examine the feasibility of a tunnel connecting Long Island to Westchester County or Connecticut. This year, the Governor has directed that New York State should continue to pursue such a tunnel, a project which DOT has determined is feasible as a way of reducing traffic on the congested Long Island Expressway.
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Fueling Clean Energy Jobs
Fueling Clean Energy Jobs
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New York State is committed to developing a vibrant clean energy economy, and job growth in this emerging industry is booming across the state - with more than 150,000 New Yorkers working in the clean energy industry. In 2014, the Governor launched Reforming the Energy Vision to establish a new framework for clean, resilient and affordable energy system for all New Yorkers. In 2016, the Governor established the Clean Energy Standard, requiring 50 percent of New York's electric supply come from renewable energy sources by 2030. The Governor also supported the creation of a 10-year, $5 billion Clean Energy Fund designed to leverage private sector investment, fuel clean energy markets and deliver energy savings across the state. The Fund is expected to save New Yorkers $39 billion in energy costs over the next 10 years while dramatically reducing greenhouse gas emissions.

  • Increase Transmission of Clean and Renewable Energy By Investing $200 Million to Meet Unprecedented Energy Storage Target of 1,500 Megawatts by 2025: As renewable energy sources produce a larger share of New York's electricity, New York must also address the intermittency of clean resources like wind and solar that are not continuously available. To address these energy challenges and further New York's climate and clean energy goals, the Governor is launching an initiative to deploy 1,500 megawatts of energy storage - representing the largest commitment per capita by any state - by 2025 and employ 30,000 New Yorkers in this industry. To achieve this goal, Governor Cuomo is directing state agencies and authorities to work together during 2018 to generate a pipeline of storage projects through utility procurements, to advance regulatory changes in utility rates and wholesale energy markets, to incorporate storage into criteria for large scale renewable procurements and to reduce regulatory barriers. The Governor is also announcing a commitment of at least $200 million from the NY Green Bank for storage-related investments to help drive down costs and to strategically deploy energy storage to where the grid needs it most, Finally, the Governor is also directing NYSERDA to invest at least $60 million through storage pilots and activities to reduce barriers to deploying energy storage.
  • Solicit Proposals for Offshore Wind: To position New York as the leading offshore wind market in the United States and to drive competition, reduce costs and create jobs in this emerging industry, Governor Cuomo is calling for the state to procure at least 800 megawatts of offshore wind power between two solicitations to be issued in 2018 and 2019, resulting in enough clean, renewable energy to power 400,000 New York households. The Governor is also directing NYSERDA to invest $15 million in clean energy workforce development and infrastructure advancement to train workers for jobs in this industry, including offshore wind construction, installation, operation, maintenance, design and associated infrastructure. To attract private investment in port infrastructure and supply chain activities, Governor Cuomo is also directing NYSERDA to work with Empire State Development and other State agencies to determine the most promising public and private offshore wind port infrastructure investments.
  • Divest the New York Common Fund from Fossil Fuel Investments: New York State has taken major steps to reduce its carbon footprint and cut back on the use of fossil fuels as an energy source, yet the New York Common Fund remains heavily invested in fossil fuels. The Governor is calling on the Fund to divest from significant fossil fuel investments and to cease all new investments with entities with significant fossil fuel-related activities. Additionally, the Governor will work with the State Comptroller to create an advisory committee of financial, economic, scientific, business and workforce representatives as a resource for the Common Fund to develop a de-carbonization roadmap to invest in opportunities to combat climate change and support the clean tech economy while assessing financial risks and protecting the Fund. Finally, the Governor calls on the Fund to dedicate a meaningful portion of the Fund's portfolio to investments that directly promote clean energy—which makes economic and environmental sense. 
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