Advancing NYC's Economy

New York is dealing with a set of unprecedented economic challenges. The Assembly must make important and difficult decisions to create lasting cost-reductions while preserving essential services for our most needy citizens. We must propose and enact policies that restore confidence in the economy and balance the books not just for this year, but for the long-term.

We must create new, good-paying jobs in growth sectors, such as “green jobs,” and spur innovation and investment in New York State businesses. Sometimes, the answer is as simple as updating or modernizing laws that were designed for the economy of another century. Taking steps to improve our State economy can sometimes be as simple as getting out of the way and bringing our State’s laws in line with common sense requirements already employed by neighboring jurisdictions.


There is much we can do to promote economic growth, even in difficult economic times, by modernizing outdated state laws and regulations in the financial services industry.
The securities industry accounts for nearly one-quarter of the wages in New York City. Moreover, it has been shown that every financial services position creates two additional jobs in other industries.

In 2009, I authored a law (Ch. 293) to update a statute (originally drafted in 1892) setting standards for the size and makeup of corporate boards. In many cases, these outdated requirements were discouraging life and property/casualty insurance companies from incorporating in New York, simply to avoid unnecessary and burdensome requirements. In 2010, I introduced a bill (A. 10038) that has passed both houses of the Legislature which will allow the Superintendant of Insurance to waive re-approval of amended policy forms to allow insurers to make simple revisions to policy forms and not have to pass needless administrative costs on to consumers.
Delaware and California have updated their respective tax laws to respond to changes in the financial services industry, such as the fact that asset management firms today perform a range of services that were not contemplated thirty years ago. I have introduced a similar bill in New York (A. 7086) that would generate hundreds of high-paying jobs and millions of dollars in additional revenues for New York.

I have also introduced a bill (A. 7908) which makes the State a more attractive destination for new businesses. The legislation would expand the Investment Tax Credit, first established in 1998, to incorporate more modern forms of financial services corporations. By enacting this legislation into law, the Legislature would allow the financial services industry to expand and grow in New York State. This legislation would make New York State more attractive to businesses choosing a location for their operations.

In addition to providing targeted tax relief, we must resist the temptation to tax our way out of the economic crisis. Last year, I was one of only three State Legislators of the 89 Senate and Assembly members representing New York City to vote against the personal income tax surcharge because it was the right vote for my constituents, regardless of where they are on the economic spectrum. Not only does a married couple living on Manhattan’s East Side and making $300,000 a year have an 11.5 percent personal income tax burden compared to 6.37 percent in New Jersey and 4.9 percent in Connecticut, but a single person making $50,000 a year is paying 10.5 percent in income taxes compared to 5.55 percent in New Jersey and 4.4 percent in Connecticut. Increasing State revenues in a responsible manner is an important goal, but we cannot demand that everyone from rookie police officers to business school graduates delay their long-term financial goals to live in New York City.

In 2005, the Assembly passed a law that I co-sponsored to adopt a “single sales factor” tax treatment for certain corporate entities. This allowed businesses to no longer be penalized by hiring more workers or buying more office space, but instead being taxed on the greater income generated by these positive businesses decisions. The result was companies such as General Electric moving their MSNBC studios from New Jersey to Rockefeller Center to take advantage of this law, providing New York City with new jobs and revenue.


We can help our economy recover by adopting policies that create environmentally friendly jobs and incentives to encourage smart growth.
In 2009, the Assembly passed, and the Governor signed into law, the “Green Jobs/Green New York” Act (Ch. 487). This legislation addresses two major issues in New York State: growing our economy and reducing its impact on our environment. The ultimate goal is to provide one million residential units with energy efficiency improvements over the next five years. At the same time, the new “Green Jobs/Green New York” program will develop a trained workforce to install this new technology, providing private sector, high-paying jobs. I supported this program because it will demonstrate that we do not need to choose either a strong economy or a healthy environment. We can have both. But we will only be able to achieve this if we continue to make smart investments in programs that work.

I have introduced legislation in the Assembly (A. 7013) to establish a tax credit for businesses which install renewable energy systems and generating equipment. These credits will assist in offsetting the initial costs of constructing and installing solar and wind energy systems and fuel cell electric generators. I have also introduced a bill (A. 9451) to provide incentives for energy conservation by encouraging public utilities to install voltage regulation devices.


I have long supported the arts and tourism industries as a means of maintaining jobs and our quality of life.
We all know that in the complicated world in which we live, the arts play an important part in all of our lives. Arts and cultural performances serve as a place to take our minds off of our day-to-day activities as well as a reminder of our shared history. What is not always appreciated, however, is what the arts mean to the economies of New York City and New York State. Over eight percent of jobs in New York City are in creative industries, and these professions are growing at twice the rate of non-creative professions. The large public art installation known as “The Gates” generated an estimated economic impact of $254 million. In fact, the combined economic impact of just two 2007 exhibits at the Metropolitan Museum of Art in my district was $377 million in spending by regional, national and foreign tourists, with a direct tax benefit to the City and State from out-of-town visitors totaling $37.7 million. Throughout this State, cultural offerings and jobs have provided economic benefits to communities where other sectors of the economy have been struggling. As the representative for Manhattan’s Museum Mile and a member of the Assembly Tourism, Arts and Sports Development Committee, I have secured over $2 million in capital funding for East Side cultural organizations because of what they mean to my constituents and visitors to the City.

Despite extended growth in cultural sectors of this State’s economy, funding for the New York State Council for the Arts (NYSCA) has remained stagnant and has actually decreased over the past two decades, when adjusted for inflation, from $3.03 per capita funding in 1990 to $2.54 in 2008. Though resources have been limited, NYSCA grants have been the lifeline for dozens of cultural institutions around this State. During the 2009 session, the New York State Assembly, as it has several times before, passed my legislation, A. 954, to create a voluntary check-off on State personal income tax returns for NYSCA. This bill would provide an easy way for New York State taxpayers to support the arts as part of their tax payments without making additional demands on state funds, and I hope that the Senate will pass the bill in 2010.

In 2009, the Governor renewed a law I authored in 2007 (Ch. 292) to ensure the prompt payment of non-profits that receive state contracts. The legislation requires that not-for-profit organizations receive prompt notification of cancellations or renewals of state contracts and funding levels. The legislation was supported by many statewide advocates including the United Way, the United Jewish Appeal-Federation of New York, and the Catholic Conference.

In 2008 and 2009, I helped extend and expand the tax credit for film producers who bring their productions to New York State. The significant expansion of the Empire State film production tax credit has helped New York remain the premier destination for filmmakers outside of Hollywood, and has promoted an industry which creates billions of dollars worth of economic activity in the State. Film and television bring jobs to New York, and help New York City remain a world-class center for culture. Before 2008, filmmakers brought their productions to low tax jurisdictions, costing New York State approximately $750 million in economic activity each year. This aggressive State legislation tripled the percentage of film costs eligible for the tax credit, and extended the program itself to 2013.


I am working to help our educational and cultural institutions continue their vital work.
I have introduced a bill (A. 7907) to allow educational and cultural institutions to make more efficient use of their endowments by adopting standards that are in effect in 35 states known as UPMIFA. As a result of the economic downturn and the reduced value of investments, many non-profits have been confronted with the problem of ‘underwater endowments.’ Under existing State law, libraries, museums, and charities are prohibited from using portions of their investments if they have fallen below the value of the gifts on the date they were received. UPMIFA will protect the intent of donors, and allow charitable organizations to fulfill their goals at no additional cost to the State. This bill has passed both houses of the Legislature.


We need to help small businesses, from those affected by the Second Avenue Subway construction to Main Streets around the State.
After meeting several times with businesses affected by the construction of the Second Avenue Subway, I have authored (A. 6137-A) legislation that would have provided a grant program for these business owners. The grants would allow businesses to make improvements, create better signage, and deal with hardships created by the construction. The bill passed both houses of the Legislature in 2008, but was vetoed by the governor. My effort to pass this legislation continues, and it has passed the Assembly in 2009 and 2010.

I have also introduced the Microenterprise Development Act (A. 1639). This legislation would aid in the development and expansion of businesses in both rural and urban economically distressed areas by providing financial assistance to very small businesses, or low-income entrepreneurs. Residents in these areas are often unemployed, underemployed, or simply lack access to the capital, training, or technical assistance required to start their business. This legislation would provide vital funding to local support organizations that can leverage charitable foundation and private sector support to provide these entrepreneurs with much-needed resources.


I support equal pay for equal work and women-owned businesses.
American women earn approximately eighty cents for every dollar earned by a male worker. Discrimination in the workplace contributes to this inequality. This is why I have been a sponsor of legislation that ensures income differentiation is not related to a person's sex, race, or nation origin.

I am the author of legislation (A. 1642) to create a New York State Equal Rights Amendment (ERA) to add "sex" to the list of protected categories of the New York State Constitution. A State ERA will ensure that no person will be denied equal protection under State Law based on her gender, prohibit any private or public institution from discriminating against a person based on her gender, and require New York courts to use a strict scrutiny standard of review for cases of sex discrimination. It is unacceptable that our State Constitution does not protect against discrimination or provide equal protection under the law based on a person's sex. Twenty-one other states have already passed similar constitutional amendments to protect women's rights. An amendment to the State Constitution requires passage by both houses of the Legislature in two successive legislative sessions, then ratification by New Yorkers in the following November election.

I am also a sponsor and supporter of four pieces of legislation that have consistently passed the Assembly which would make it a discriminatory practice for private and public employers to compensate employees of different sexes differently for work that is of comparable worth. Additionally, I am a sponsor of legislation to prohibit discrimination, including in the workplace, based on gender identity or expression.

I have hosted two forums at Marymount Manhattan College to assist women entering or re-entering the workforce. One panel included representatives from the publishing, banking, legal, and fashion worlds to provide information to women on how to develop and succeed in today's changing business environment, and the other assisted women re-entering the workforce after substantial periods of time not being employed outside the home.