New York’s certified public accountants (CPAs) want Gov. Andrew Cuomo to focus on tax reform, spending cuts, infrastructure development, and business-development incentives in his 2015 agenda.
That’s according to an annual economic survey that the New York State Society of Certified Public Accountants (NYSSCPA) and the Siena (College) Research Institute (SRI) conducted.
NYSSCPA distributed a news release about the survey on Tuesday, a day ahead of Gov. Andrew Cuomo’s State of the State and budget addresses.
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The survey found about 68 percent of respondents contend last year’s corporate-tax reform changes have provided “little to no change” to their clients’ tax burden.
It also found 66 percent said it’s unlikely that businesses not now located in New York will be motivated to relocate or expand here due to the tax-reform package.
Another 45 percent say business conditions have not improved or are about the same as six months ago.
The poll numbers “mirror” the sentiment and predictions of CPAs to the same question posed in 2013, the NYSSCPA said.
At the same time, many of survey respondents still “continue to hope for the best,” the organization said.
The majority of those surveyed said they remain optimistic that 2015 will be better for a year for New York businesses.
“The results of our economic-outlook survey should come as no surprise to New Yorkers,” Scott Adair, NYSSCPA president, said in the news release. “Our government leaders continue to focus on the state’s tax structure and our survey identified this as a crucial piece to improving the state’s economic outlook.”
Respondents also indentified which economic sectors they see as “growing and shrinking” in New York.
The CPAs ranked the financial (47 percent) and medical (45 percent) industries at the top choices with potential for growth. They also identified manufacturing and retail as sectors they “expect to struggle to attain profitability in the coming years,” according to the news release.
SRI conducted the 30-question survey in November and December.
The 601 CPAs that responded work in public accounting, private industry, nonprofit organizations, government agencies, and educational institutions, according to the news release.
NYSSCPA indicated 45 percent of respondents identified themselves as leaders with more than 20 years experience, working as CFOs, directors, presidents, partners, and business owners.
The New York City–based New York State Society of Certified Public Accountants is one of the largest state accounting organizations in the nation with more than 28,000 members, according to its website.