You Can’t Beat Zero
Date: February 3, 2017
You Can’t Beat Zero
By: Randy Wolken, President & CEO
Sustaining and growing manufacturing is a global competition. Here, in New York State, we need to be doing all we can to keep our sector thriving. Unfortunately, there is a very large barrier to manufacturing in New York—very high property taxes. However, thanks to the Independent Democratic Conference (IDC) of the New York State Legislature, that could change. The IDC is proposing that the real property tax rebate for manufactures be 100%. Yes, you read that correctly – property taxes would be zero for manufacturers. And, we all know, you can’t beat zero.
Suddenly, New York State would be one of the most attractive states in the country for existing and prospective manufacturing entities. First, New York State eliminated the Corporate Tax for manufacturers. Now, it may be eliminating the real property tax. This positions New York State to take advantage of a growing movement to keep and expand manufacturing in the United States.
The IDC estimates it would only cost New York State $200 million annually. It would anchor the over 450,000 manufacturing jobs and the estimated 1.5 million jobs connected to them. Certainly the maintenance of 2 million good paying, family supporting jobs – and the potential for many more new ones – is worth the investment. (By comparison, the annual Film Tax Credit is nearly $500 million and the number of film industry jobs in New York
State are approximately 60,000.)
Now is the time to make the statement that New York is Open for Manufacturing. Once the epicenter of world-wide manufacturing and still in the top ten manufacturing states, New York State is positioned to be the place for advanced manufacturing innovation and growth. The United States is the #1 developed country in the world for manufacturing. Why not make New York the state to develop existing technologies and the place to build them? Now is the time.
Of course, we need your help to do so. Join us in thanking the members of the IDC for introducing this initiative. And, tell your local legislator and the Cuomo Administration to adopt this forward thinking and far reaching initiative. The budget is slated to be passed by April 1st. You can help by contacting me at [email protected] or Karyn Burns at [email protected].
If we act now, we could forever change the direction of New York State. With your help, we will.