National Tax Expert Calls for Closing NYS Tax Loopholes

Lawmakers and Tax Experts Call for Enforcement of NYS Tax Law and Closing of Corporate Tax Loopholes to Level Playing Field for Small Businesses

ALBANY, NY (01/30/2012)(readMedia)-- A recently released report from Citizens for Tax Justice and the Institute for Taxation and Economic Policy entitled, 'Tax Dodging In the 50 States' found that many highly profitable companies are paying very little in state corporate income taxes throughout the country. The report also shows that many NYS based companies like Travelers, American Express, Verizon, Goldman Sachs and Rupert Murdoch's News Corporation are paying a lower income tax rate than the average NY family of four with an income of $58,000 a year.

We will also discuss another issue of great concern. Many investors in Real Estate Partnerships are avoiding paying taxes and the State has been turning a blind eye for over a decade. We will call upon NYS to more rigorously enforce our tax law and to collect over $1 billion in back taxes owed by these partners.

WHO:

 Matt Gardner, Executive Director, Institute for Taxation and Economic Policy

Assemblyman Jim Brennen

Assemblyman William Colton

Senator Anthony Avella

James Parrott, Deputy Director and Chief Economist, Fiscal Policy Institute

Frank Mauro, Executive Director, Fiscal Policy Institute

Ron Deutsch, New Yorkers for Fiscal Fairness
WHAT:

 National Tax Expert, Matt Gardner (author of the recently released report “Corporate Tax Dodging in the 50 States”) will discuss how many multi-national companies are avoiding paying taxes in NYS and what other states are doing to close some of these loopholes.

Assemblyman William Colton will discuss how investors in Real Estate Partnerships are NOT paying the taxes they are supposed to be paying and ask why NYS has been turning a blind eye to this situation for the past decade.

Assemblyman Jim Brennen will discuss the need for an increase in the Corporate Alternate Minimum Tax and how it has been eroded over the past decade.
WHEN: Tuesday January 31, 2012 at 11:15AM Eastern Time (US & Canada)
WHERE: LCA Press Room
Legislative Office Building
Albany, New York
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