On March 31st, the State Legislature approved an on time budget for the first time in 20 years. The open and public budget negotiating process not only resulted in an on time budget, it resulted in a strong budget that includes important investments to spur job creation and economic development.

The return on our investment in business and jobs is tremendous because expanding our economy generates greater revenues for local and State governments that supports education, transportation, health care and other programs and services.

The 2005-06 State budget includes a tax cut package of more than $155 million in business tax reductions when fully implemented to create jobs and strengthen the economy. The budget targets the rapidly growing area of biotechnology by offering tax credits for capital investments and research and development activities. It also provides tax credits for building environmentally-friendly "green buildings."

The budget also includes a tax change that is critically important to manufacturing businesses. Changing to a "single sales factor" is the single best tax policy move New York could make to attract and retain manufacturing jobs and discourage outsourcing.

Small businesses will save five million in taxes by lowering the tax rate for the smallest businesses.

For several years, the Senate Majority has pursued expanding the Empire Zone program. The new budget will expand the program to include 12 new zones, that will be authorized over the next four years. This expansion will give every county an opportunity to have zone and will extend this successful program until 2011. The budget also puts in place stronger auditing and reporting requirements for companies within Empire Zones to increase accountability and ensure that business create the jobs they project in return for tax breaks.

This tax cut proposal is critically important in our economy to stimulate business and job growth and make New York State more economically competitive, especially in emerging technologies. This package builds on the tax cuts the Senate has successfully fought for over the past decade that have provided a cumulative savings of $100 billion.

In addition to the tax cuts, the budget will create the New York Foundation for Science, Technology and Innovation. This foundation will develop and implement a regional economic development partnership program that will accelerate the commercialization of discoveries at the State�s numerous research institutions.

The job creation measures in the budget follow a commitment in 2004 to make a $350 million capital investment in economic development projects in Upstate New York and Long Island. I firmly believe that if demonstrate our commitment to business, that businesses will commit to New York and our economy, and our state, will be stronger because of it.

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