NEW YORK -- Today as part of a broader tax proposal, New York Gov. Andrew Cuomo announced an agreement to scale back the MTA's payroll-mobility tax and to replace up to $250 million in tax revenue with other state funds.
The payroll-mobility tax, adopted by the New York legislature with the support of Regional Plan Association in 2009, produces 14.3% of the MTA's annual operating budget. In addition, the PMT has been seen by the MTA as a cornerstone of its strategy to close a $10 billion gap in the MTA's five-year capital program.
The governor's commitment to replace any lost funds will be critical to maintaining the MTA's transportation services for the more than eight million New Yorkers who ride the MTA every day.
The governor's initiative announced today to rebuild New York State's water, energy and park facilities through the creation a statewide infrastructure fund is a vital step toward strengthening the region's economy, said Bob Yaro, president, Regional Plan Association.
"We look forward to also working with the governor and the legislature to ensure that the financial health of the MTA is sustained," Yaro said. "We don't know how much revenue would be lost with the reductions in the PMT announced today, so we want to make sure that any loss is made up on a dollar-for-dollar basis."
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