![]() 2003 Legislative Update from the NYS Assembly Committee on Economic Development |
Sheldon Silver, Speaker Robin Schimminger, Chair December 2003 |
Self Employment Assistance Program
Commercial Claims Limits
Rule-making Comment Period
Indoor Pyrotechnics
Minority & Women Business Enterprises (MWBEs)
Expanding Wineries Licenses |
Tax Cuts Preserved As in other state capitals, this year’s 2003-04 state budget process in Albany unfolded against the backdrop of a continued national economic downturn, that was coupounded here in New York by the lingering fiscal effects of the 9-11 terrorist attack in Lower Manhattan. While the final 2003-04 state budget contained temporary revenue actions, it also kept on track an array of previously enacted state tax cuts slated to take effect this year which total approximately $518 million. Among these scheduled tax reductions still being phased in are:
Personal Income Tax
College Tuition Deduction/Credit
Earned Income Tax Credit
Alternative Energy Fuel Cell Credit
Business Taxes
Sales Allocation for Financial Services
Small Business Rate Reduction
Energy Taxes |
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Doing Business with New York State
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Empire Zones Empire Zones promote economic and community development in designated areas within the State through encouragement of corporate investment and the creation of jobs. The Legislature provided funding for the local administration of Empire Zones. ($2.3 million)
Economic Development Fund
Jobs Now Program
Urban and Community Development Program
Minority and Women-Owned Business Development and Lending Program
N.Y.S. Office of Science, Technology and Academic Research (NYSTAR) Funding was also provided for the Hauptman-Woodward Medical Research Institute in Buffalo. Researchers at the facility study the causes and potential cures of many diseases at the molecular level. ($6 million)
Military Base Reuse and Redevelopment
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