Assemblyman Tom O’Mara (R,C-Horseheads) today joined his fellow Assembly minority colleagues to call on Assembly Speaker Sheldon Silver and his majority colleagues to pass tax cuts before session ends later this week.

“Sheldon Silver and his downstate majority members need to come to the realization that high taxes are driving businesses, seniors and young people out of New York state in droves,” said O’Mara. “To reverse the current migratory trend, bring businesses and jobs to the Empire State and improve the overall quality of life for New Yorkers, the Legislature must cut taxes before session ends.”

According to the Heartland Institute, New York’s personal income, corporate and property taxes are 71 percent, 83 percent and 48 percent above the national averages, respectively.

To bring New York’s taxes more in line with the rest of the nation, Assemblyman O’Mara and his minority colleagues proposed a series of tax cuts that would lower taxes for businesses, homeowners, seniors and families.

The minority-sponsored tax cuts eliminate the corporate franchise tax on manufacturers, saving these business owners and operators more than $500 million annually. Another provision offers tax credits equal to 15 percent of the cost of health insurance paid by small-business owners, thus saving businesses $1.6 billion while providing quality health care for thousands of workers.

“Tax cuts for New York’s businesses are imperative to the creation of new jobs. We need to create a more business friendly climate in New York,” added O’Mara. “Government doesn’t create jobs; business does.”

The legislation would also provide $1.75 billion in additional tax relief by indexing the Basic and Enhanced School Tax Relief (STAR) exemptions to the current median housing values throughout the state. The minority assembly members also want to establish a Co-STAR program to provide $285 million in property tax reductions for senior citizens and farmers.

The legislative package also includes a $400 million personal income tax reduction that would be realized by increasing the top income tax bracket, which currently is reached by married couples filing joint returns with incomes of $40,000 or higher. That number would rise to $60,000 and the income tax would drop from 6.85 percent to 6.75 percent under the legislation.

“I will work diligently for the residents of the Southern Tier to see tax cuts, and I will continue the fight to cut taxes until New York has some of the lowest taxes in the nation – not the highest.”