With New York State facing a $4.4 billion budget deficit and with changes in federal tax law expected to cost the state an additional $14 billion a year, it is more important than ever that the Governor and the Legislature pass a fiscally responsible, on-time budget, said John Ravitz, Executive Vice President and COO of the Business Council of Westchester.
Cuomo presented his $168 billion state budget this week proposing a number of initiatives including some tax workarounds to deal with the new federal reforms and congestion pricing for New York City.
Ravitz said that it was important for the state to not to backslide on progress it has made to support businesses and economic development. “In recent years, New York significantly improved its business environment. We cannot afford to backslide in efforts to create jobs, grow the tax base and produce permanent revenue stream eh said.”
Ravitz added, “As the budget negotiations continue, the Business Council of Westchester will push for serious regulatory and mandate reforms, which are needed to keep economic development moving forward,” said Ravitz. “The BCW is committed to working with business leaders from across the State to assure that the 2018 budget continues to support a positive approach to business.”