Assemblyman Dave McDonough (R,C,I-Merrick) is expressing cautious optimism after the Tax Foundation, a nonpartisan research organization based in Washington, DC, upgraded New York’s corporate tax rating this week. Based on reforms included in the 2014-15 State Budget, New York improved its ranking from 25th to 4th best in the country according to the Tax Foundation.

“The announcement from the Tax Foundation, based upon the enacted state budget, is a positive sign that we have put our state on the right path with this year’s budget,” said McDonough. “However, many businesses and families across Long Island are still facing economically-trying times, and we cannot use this announcement as an opportunity to rest on our laurels. We must continue to relieve the property tax burden on Nassau County residents who pay some of the highest property taxes in the nation. We also must do more to help entrepreneurs of all ages start and grow their businesses here. I’m pleased the Tax Foundation feels we are headed in the right direction, but I will continue to push for more tax and mandate relief until all our residents see results.”

The Tax Foundation issued a special report after the state budget was signed. A copy of the organization’s full report and updated state rankings can be viewed at their Web site.