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Economic Development

Comparative employment trends are among the best available indicators of whether the
state’s policies are fostering economic growth. It’s a known fact that New York’s long-term performance had been abysmal. From 19902010, the private sector job base in new York expanded by a net 6 percent, a performance that ranked 45th out of 50 states during
that period. Nationally by contrast, private employment in late 2010 was still 19 percent
above the 1990 level.

We have seen some significant improvement in this area in both Westchester County and
the Hudson Valley Region. The November 2013 unemployment rate for the Hudson Valley Region was 5.8 percent-down from 6.3 percent in October 2013 and down from 7.1 percent in November 2012. In Westchester County the unemployment rate has dropped to 5.2 percent down from 7.0 percent in 2012.

We must continue to do all we can to attract Accordingly: businesses to both come to New York State and if they are already in New York feel that they will be able to see their companies grow, which will create more private sectorBCW will urge Albany to create new economic-initiative programs which will help industries and activities that will produce important returns on the state’s “investment.”jobs. It’s important to note that New York State lost more then 300,000 jobs during the recession of 2007-2009, with its unemployment rate peaking at a 15 year high of 8.9%.

The most effective economic development program is the creation
of a more competitive business environment (see Fiscal Reform and Energy sections) by lowering state-imposed taxes, fees and assessments and employer mandates (see Labor and Management section). As New York State continues to improve its business climate, The Business Council of Westchester will urge Albany to create new economic-initiative programs which will help industries and activities that will produce important returns on the state’s “investment.”

Accordingly:

  • The Business Council supports Governor Cuomo’s continuation of the state’s
    Regional Economic Development Councils which for the last three years have helped create a comprehensive strategic plan that has catalyzed job creation and economic recovery. The Regional Councils helped implement transformational changes in New York’s economy. The momentum gained by the last three years of work in all 10 Regional Councils must continue in 2014.

  • Oppose proposals to impose new wage mandates on IDA-assisted projects.

  • Oppose the proposal to restrict IDAs ability to offer state sales tax exemptions as part of their traditional incentives package.

  • Oppose IDA reform which is aimed at imposing overburdening procedural requirements and optional costs on businesses

  • Support legislation allowing IDAs to make “civic authority: financing available to nonprofit organizations.

  • Supports proposals that provides for expanded discretion of the use of proceeds
    that are generated from transactional fees charged by the IDA’s and LDCs.

  • Support adopting broad reforms in the state’s business tax to reduce compliance
    costs and make the state’s tax code more supportive on in-state investment and job creation.

  • Support the continuation of the state’s “qualified emerging technology company”
    tax credit for capital operational training investments.

  • Support adopting legislation broadening the list of eligible projects for tax increment financing and allow school districts to opt into these local funding mechanisms.

Related News

NY Economic Legislation

  • ny A 2835: Relates to the applicability of certain provisions with respect to persons injured in the use of scaffolding and other devices for use by employees Read More
  • ny S 6063: Eliminates an employer's annual notice requirement Read More
  • ny A 8856: Eliminates an employer's annual notice requirement Read More