. . .This Week In Albany 

Governor Cuomo's 2014-15 Budget Proposal

  

Governor Cuomo unveiled his proposed $142.1 billion 2014-15 state budget yesterday, noting the plan "recognizes and believes that tax relief is an economic growth strategy that is working for our state." It would increase state spending by 1.7% over the previous year, and establish a surplus of $500 million -- the first time the state would be in the black in recent memory. The Governor expects a $2 billion surplus in coming years, without broad-based spending cuts. His proposed budget includes no broad-based tax increases, but contains a series of fees and tax extenders to help add revenue. The Governor has called for $2.2 billion in business tax cuts: merging the bank tax and corporate franchise taxes; cutting the corporate franchise tax rate from 7.1% to 6.5%; eliminating net income tax on upstate manufacturers, and raising the estate tax threshold exemption from $1 million to $5.25 million while lowering the top rate from 16% to 10%. Joint Legislative hearings will be held through Feb. 11 on the proposed budget.

  Related Links of Interest:

• State's Memo on Corporate Tax reform  

(The bill language may be read and downloaded below, pages 7-323 of the pdf:)

• http://publications.budget.ny.gov/eBudget1415/fy1415artVIIbills/REVENUEArticleVII.pdf

• Joint Legislative Budget Hearing Schedule

State AG Names Financial Crimes Chief 

NYS Attorney General Eric Schneiderman named veteran financial crimes prosecutor Gary Fishman as Chief of his new Criminal Enforcement and Financial Crimes Bureau. He will focus on complex financial crimes including bank and financial institution fraud; securities and investment fraud; money laundering; tax crimes, and mortgage fraud. 

. . .INDUSTRY INSIGHTS

Moody's: More Problems for Upstate

An analysis by Moody's released yesterday showed sales tax among upstate counties slowed during the fourth quarter of 2013 -- a likely sign the region's economy is stalling during the recovery. Overall, sales tax growth for the period -- excluding New York City -- was up just 1.4% over a year earlier. Of the 57 counties outside the NYC Metropolitan area, 36 had sales tax growth of less than 1%, and fourteen counties reported negative annual growth in 2013 compared to four in 2012.

Study: NYS 35th Of 50 In "Competitiveness"

New York State was ranked 35th among the 50 states in a report released Tuesday by the Mercatus Center at George Mason University. It scored states on 51 measures of competitiveness. The author is an analyst at the Government Accountability Office, but the study was produced independently of her GAO work, and was developed with input from business groups including the National Association of Manufacturers and Council on Competitiveness. States received points based on their rankings in each metric. Metrics were separated into ten broad categories, weighting the categories based on how frequently each is cited in the state's own economic development marketing materials.

Read the full study.

Polling: Cuomo In Strong Shape

Yesterday's new Siena poll found Governor Cuomo in a very strong position at the start of his reelection year. His job approval (54%-46%) and favorability (66%-28%) ratings are back to their highest levels in a year, and he leads the two leading potential GOP challengers (Westchester County Exec Rob Astorino and Donald Trump) head-to-head by nearly 50 points. Voters overwhelmingly supported a number of Cuomo's legislative proposals put forth in his State of the State speech.

Housing Updates:

 . . .Association Updates 

 

Don't Forget To Save These Dates:

Key Meetings On Tap! 

 

IBANYS' 2014 major meetings and conferences provide valuable information and networking opportunities for your bank. Mark your calendars and plan to attend our Compliance Seminar, CFO/Senior Management Conference, Directors Conference, Annual Convention & Trade Show and Security Conference. Share our printable calendar below with your leadership teams! IBANYS' 2014 Calendar  

  

Plus, IBANYS' Webinars: New Programs On Risk Management, Compliance & More! 

 

   

Jamesson Associates. . .Michael Jamesson has over thirty years of experience in banking and related fields, spanning the full range of banking institutions from community, thrift, and metropolitan regional banks to regional and super-regional bank holding companies. Since founding Jamesson Associates in 1991, he has focused on financial advisory services for community banks and thrifts. He has been published in the national trade press and is a frequent speaker at IBANYS programs and conferences on market-related issues for community institutions. Contact Michael at (585) 889-8090, Michael@jamessonassociates.com.

New York community banks play a vital role in our state and local economies. Tell your customers, business and elected leaders and media.

Click here for quotes from Governor Cuomo and DFS Superintendent Lawsky extolling the performance and value of New York community banks.

Click here for the full NYS Study on community banking.

Click here for IBANYS' letter to the Editor of Consumer Reports Magazine correcting failure to mention community banks as an alternative to using "big banks."

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