NYSSCPA Past President Testifies for Tax Reform

Submitted by Melissa Hoffmann on Fri, 05/22/2009 - 11:59

NYSSCPA Past President Thomas E. Riley testified to the need for state tax reform at a hearing before members of the New York State Senate yesterday, pledging the Society's help in identifying and working to eliminate inequities in the code.

Riley noted that while the NYSSCPA's SET Tax proposal provides a solution for problems inherent in the federal taxation model, nothing similar has yet been designed for tax reform at the state level.

Among other things, Riley urged simplification of the tax system and a leveling of the playing field between different types of corporate entities. He said he supports the use of tax credits to encourage certain economic behaviors, but said the process has had some "unintended consequences" and should be made easier for the small business owner.

The four-hour hearing before the Senate Select Committee on Budget and Tax Reform, which will be available on YouTube next week, also featured testimony by representatives of the Institute on Taxation and Economic Policy, the New York Bankers Association, the Fiscal Policy Institute, the Securities Industry and Financial Markets Association, the Partnership for New York City and several others.

 

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