LIA Gets Action

The LIA pursues changes in law and regulation sought by its members to make Long Island a better place to do business. Some highlights of the LIA's recent success:

Reduce Unemployment Insurance Premiums: Companies with positive account balances will now see reduced premium rates and will be able to function more competitively.

Reform and Reduce Workers: Compensation Rates: Workers' compensation rates for all businesses have been reduced an average of 18%, with some businesses having rates reduced 30% over the past year.

Lower Electric Rates on Long Island: The Long Island Power Authority takeover of the Long Island Lighting Company has resulted in average savings for each ratepayer of 20%. LIPA is also moving toward retail competition.

Reduce the State Gross Receipts Tax on Energy: Tax reductions will reduce energy rates for all Long Island ratepayers about 2% in addition to the LIPA takeover.

Reduce Real Property Taxes: Real property rates for homeowners will be reduced an average of 27% over the next five years and a modified cap on school district expenditures is in place to ensure no shift of cost to the business taxpayer.

Eliminate NYS Corporate Franchise Tax Surcharge: The state corporate tax surcharge which, at one time, was 15% of the total tax, has been completely eliminated.

Eliminate NYS 10% Tax on Real Estate Transactions: The 10% gains tax on real estate transactions has been completely eliminated.

Reduce Estate and Inheritance Taxes on Small Businesses: The state tax exemption for estates has been substantially increased from the current $125,000 to $600,000, to be gradually phased in.

Support Additional Venture Capital Funds for Small Businesses: Tax credits for certain investments by insurance companies in venture capital funds means additional money for small businesses.

Assist Small Businesses with a Vendor Tax Credit: Increases were made to the vendor tax credit for administration of the Sales and Use Tax from 1.5% of sales tax liability to 3.5%, with a maximum of $150 per quarter.

Reform the Sales Tax Law: Amendments to the sales tax law will ease the administrative burden placed on the taxpayer, more clearly define limitation periods, consolidate proceedings against a businesses with those against the officers and require the Department of Taxation and Finance to make a determination regarding a refund within six months.

Support Continued School Aid: Money allotted in the 1997 budget is the largest increase in school aid in ten years. The money will ensure better quality education and allocation of more resources for Long Island school children.

Support Expansion of the School of Engineering at SUNY Stony Brook: Money has been allocated for the expansion of the School of Engineering at the State University of New York at Stony Brook.

Set One Day for Ali School District Voting: The third Tuesday in May has been set as school district voting day on Long Island for all school district budget votes and trustee elections.

Support Access for LIRR Passengers to Grand Central Station: Federal legislation has allocated funding for the continued design and engineering of the connection to Grand Central Station, which will provide East Side access to commuters.

Increase Funding for Long Island Highways: Long Island continues to receive the largest percentage of NYS highway funds of any region in the state. Funds are available to continue the fourth lane on the Long Island Expressway from exit 30 to exit 64.

Construct Visitor Centers on Long Island: The NYS Department of Transportation is now empowered to construct visitor information centers on major Long Island highways. Once in service, the centers will provide tourist information to visitors and facilities for travelers to rest and refresh.