Corporate tax loophole just got bigger
PEF’s continuing campaign for tax fairness is proving an uphill battle.
Not only did the Legislature ignore PEF’s call for closing corporate tax loopholes, the lawmakers actually made the problem worse.
Under new state budget legislation, starting in 2006 the state will tax corporations only on that part of their profits attributable to sales in New York state. This “sales only” system will benefit large corporations, allowing them to pay even less while they continue using many public services funded by the people of New York.
On the positive side, state legislators rebuffed a proposal to speed up the phase-out of an income tax surcharge on the wealthiest taxpayers.
Lawmakers also refused to buy into the governor’s proposal to defer part of the state’s payment to the pension fund by delaying actuarial changes and subjecting them to an independent review and public comment.
Instead, the Legislature passed a bill to let the state amortize a portion of its 2005-06 employer contribution to the fund.
— Sherry Halbrook
The
Communicator May 2005
Inside This Issue
Features
Union scores
big in state budget
Corporate tax loophole widens
Middletown OMH saved
Departments
President's
Message
Nurses Station
Member's Mailbag
Retirees In Action
PEF
Membership Benefits &Travel
Union Matters:
PEF backs two in May Elections
Student health insurance reminder
Nurses
Conference offers insight
Unions plan nurses' rally to end OT
Weak security bugs near WTC
PEF fights to
keep DOL in NYC
Vet returns mementos
to Japan
Privatization Nomination Form
Member
stresses summer safety
E. Board vacancies filled, open
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