Abolishing the $10,000 federal cap on deductions of state and local taxes, opposing new taxes on businesses to close New York State’s budget deficit and extending a research corridor to the East End are among the top priorities of Long Island’s largest business group.
The Long Island Association on Friday releases its 2020 priorities for governmental action at the federal, state and local levels. The priorities were approved by the group’s board of directors this week.
Release of the LIA’s “20 Priorities for 2020” comes four days before Gov. Andrew M. Cuomo will deliver his proposed 2020-21 budget to the State Legislature in a speech on Tuesday. The budget is due by the start of the state’s fiscal year on April 1.
“Our top priority is seeking the reinstatement of SALT deductions at the federal level and to defend Long Island from any efforts to balance the state’s budget deficit on the backs of our business community,” said Matthew Cohen, the LIA’s vice president of government affairs.
The group supports efforts by Cuomo and Long Island’s congressional delegation to roll back a 2017 federal tax change that capped the amount of state and local tax deductions at $10,000. The governor has said losing full deductibility equals a 30% tax increase for state residents.
Cohen said the LIA is concerned that Cuomo and state lawmakers will close a projected $6 billion deficit in the 2020-21 budget by hiking taxes and fees on businesses and requiring county governments to pick up more of the tab for Medicaid. The budget gap is largely due to an unexpected increase in Medicaid costs.
LIA, under its president Kevin Law, has lobbied for state funding to establish a research corridor linking Brookhaven National Laboratory, Stony Brook University and Cold Spring Harbor Laboratory with institutions in New York City. The business group now wants to expand the corridor to the East End and Plum Island.
Among the LIA’s other top agenda items is support for offshore wind farms and expansion of a natural gas transmission line under New York Harbor.
The group hopes wind farm developers will manufacturer and assemble their wind turbines in Suffolk County, in Port Jefferson, Greenport and Shoreham. So far, the developers have only committed to opening operations and maintenance facilities in Port Jefferson and Montauk.
TOP PRIORITIES OF LI'S BUSINESS COMMUNITY
The Long Island Association business group has 20 priorities for the federal, state and local governments for 2020. They include:
* End the $10,000 cap on deducting state and local states on federal income tax returns
* No new taxes and fees on businesses to close New York State's $6 billion budget gap for 2020-21
* Support for development of offshore wind farms
* Extend to the East End a proposed research corridor linking Long Island to New York City
The full list can be found at https://bit.ly/2NAWko4
SOURCE: Long Island Association