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A new study commissioned by the state of New York has found that the state's film tax credit is a "net negative" and fails to provide a return on investment for taxpayers. The study concludes that for every $1 invested in film productions through tax breaks, the state only receives 31 cents in return. Critics argue that much of the filming activity funded by the credit would have happened in New York regardless, and the credit functions more as an ongoing subsidy rather than a one-time incentive. However, supporters of the tax credit point to other studies that have found better results and argue that it is crucial for growing the state's economy and creating jobs. [Extracted from the article]

The article reports on the economic slowdown in Westchester County, New York. State Comptroller Thomas P. DiNapoli suggests creating tough decisions and belt-tightening by both state and local governments as well as the need to reevaluate spending on the front end. He adds that the state needs to use monetary incentives and maximize an existing program of the Department of State to increase the use of shared services by school districts and other local municipalities.

The article reports on the plan of Nassau County, New York to freeze on hiring and spending moratorium as sales tax revenue declines in 2007. From January to May, the county brought in $393.6 million in sales tax revenue, which is slightly lower as compared to 2006. Nassau's budget director Mark Young states that the county would face a $16 million shortfall for the 2007 fiscal year if the trend continues.

This article focuses on an increase in sales tax revenue of Orange County, California. Marist Bureau of Economic Research Director Ann Davis said sales tax collections continue to rise. There was near to a 15 percent increase in the first quarter of this year over 2004. Dependence on property tax collections decreased from 26 percent to 21 percent during the same 15 year period. Proportions differ by county, but collections are up across the board. Sullivan County Partnership President Marc Baez may be more interested in the sales tax element of Davis' report than most, as his is one of the few county wide development agencies in New York State to define retail as part of its mission. Retail sales in Sullivan were boosted several years ago by the arrival of Wal-Mart Stores Inc., causing a jump from $415 million to $619 million between 1999 and 2001.

The author reflects on the implications of the economic stimulus package on state spending problems in New York. The author opines that while the $740 stimulus bill would allow New York to avoid spending cuts on Medicaid and education, state leaders would be lax and would not cut enough spending. He observes that the state of New York has a spending problem not a revenue problem.

The author reflects on the issues surrounding the Deficit Reduction Plan (DRP) of Governor David Paterson in New York. He opines that DRP has little impact on the fiscal problems faced by the state due only 23% of the cuts were actual spending reductions. The author stresses that DRP did not address issues in state agencies, state commissions and did not reduce state personnel payroll.

The article focuses on the proposed budget by Governor David Paterson that increases the price for services in the New York State. It cites that aside from 88 new fees, 10 fines, and 39 new tax items, Paterson has recommended a sales tax on video and radio services delivered through cable, satellite or similar means. Timothy Rooney Jr., chief executive officer of the Cable Telecommunication Association, relates that they are still studying the proposed budget because of its size and complexity.

This article focuses on tax structure and regulation patterns in New York over the last few decades. It is reported that, in the late 1960s, President Lyndon Johnson established the pattern of combined state and local taxes. Defense spending soared because of the Vietnam War, while the War on Poverty resulted in a long list of expensive new social programs. But he wouldn't raise taxes to pay for it. President George W. Bush and Congress at this time are cutting taxes, in the hopes that they will spur the economy enough to pay for all this. Combined and local taxes are reportedly the highest in the United States. New York's average per student expenditure of $11,204 has risen sharply in recent years and is one of the highest in the nation.

This article reports that Moody's Investors Service Inc. placed New York under review for a possible ratings upgrade that would affect about $46.8 billion in general obligation debt. The agency currently has assigned the state an A2 rating with a positive outlook. Moody's rating of New York is just one notch above the A3 GO rating it maintains on California, the lowest-rated state. For the first four months of the current fiscal year, the state's income and sales tax revenues are up 20%, below average for the state sector," said Tim Blake, senior vice president for state ratings. He attributed the rise in revenues to tax inreases, a strong stock market in calendar year 2003, and the general economic recovery.

The article reports on the statement Comptroller Thomas P. DiNapoli. revealing New York State revenues and spending are both up. In first 10 months of fiscal 2007, the general fund spending, including transfers, was $38.6 billion. In addition, all funds spending was up $6.9 billion to $88.1 billion, an 8.4% increase. Personal income tax collections reached $3.3 billion, which is 12.4% higher than 2006.

The article reports that New York boasts highest gasoline taxes for the month of November 2004. The American Petroleum Institute reported the nationwide average tax on gasoline was 44 cents per gallon, while taxes on motor diesel fuel averaged 50.1 cents/gal. The report showed that state excise figures are weighted by volumes consumed. Additional taxes add 7.2 cents/gal to the average tax of gasoline and 6.8 cents/gal to the tax on diesel fuel. These additional taxes include applicable sales taxes, gross receipts taxes, oil inspection fees, underground storage tank fees, other miscellaneous environmental fees and commercial motor fuel use fees.