December, 2001

Since 1995 we have worked hard to restore the economy of New York State.

We have cut 19 different taxes a total of 58 times which will save New Yorkers more than $100 billion when fully implemented. We cut the personal income tax rate, created a deduction for college savings, increased the earned income tax credit as well as the child and dependent care credit, and implemented a permanent sales tax exemption for certain clothing items.

New York State has provided businesses with the tax relief they need to be competitive including reductions in the corporate franchise tax and S corporation differential tax rates. To protect the environment, while at the same time promoting business investment, we established the "Green Building" and "Alternative Fuels Vehicle" credits.

Cutting taxes is just one of the approaches we have embraced to ensure success for New York businesses. We are on the cutting edge of technology development, pairing government resources with the private and academic sectors in a partnership for the future. Targeted tax cuts and exemptions provide the financial incentive for investment in New York State. The creation of the Empire Zones program and Centers of Excellence at New York’s leading academic institutions (to promote the development of cutting edge technology) demonstrates New York’s resolve in seeing these investments payoff.

These partnerships, combined with our commitment to cutting taxes, have resulted in the creation of hundreds of thousands of new private sector jobs since 1995 and billions of dollars in corporate investments in New York State.

Since 1995, we have made tremendous progress in positioning New York State to meet the demands of the 21^st Century and the best is yet to come.

George E. Pataki
Governor