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"As a town councilman who passed the first back-to-back tax cuts in a generation, I can appreciate this fiscally responsible plan for state spending which, sticks to a two spending percent cap," Murphy said in a statement. "The state is doing what we have asked our municipalities to do, which is live within our means. The Governor has also recognized that small businesses are the engine of our economy, and I support the small business tax cuts that will bring us down to the lowest rate since 1917."
The executive budget's proposed tax cut would put small business tax rates at their lowest level ever, reducing the net income tax rate from the current 6.5 percent to 2.5 percent over a three year period for small businesses that file under the corporate franchise tax.
"Lower taxes means more jobs, and with the bold investments this budget proposes that restore the Environmental Protection Fund to $172 million and fund new technologies like Shared Solar and community net metering, we can ensure these are green jobs," Murphy said in his statement. "While there is additional funding proposed to lure green jobs to certain regions of the State, I want to make sure the Hudson Valley is included in these initiatives.
Murphy also lauded the governor for his stance on education reform.
"I want to see this budget changed to one that once and for all eliminates the Gap Elimination Adjustment scheme, a five percent take-back of our school funding instituted by Albany Democrats in 2009, and that is exactly what our Senate Majority Conference intends to put forward," Murphy said.
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