Last week, Gov. Cuomo announced the membership of the Tax Reform and Fairness Commission, an entity that was originally announced in December 2011. Former state Comptroller Carl McCall and Peter Solomon, founder of a New York City-based investment advisory firm, will co-chair the commission.

The Commission will “conduct a comprehensive and objective review of the State’s taxation policy, including corporate, sales and personal income taxation, and make revenue-neutral policy recommendations to improve the current tax system. In its review, the commission will consider ways to eliminate tax loopholes, promote administrative efficiency, and enhance tax collection and enforcement.”

The other members of the Commission are:

  • Robert G. Wilmers – Chairman and CEO, M&T Bank
  • J. Patrick Barrett- Chairman, Olympic Regional Development Authority
  • Dall Forsythe – Former State Budget Director
  • Thomas Mattox – Commissioner, Department of Taxation and Finance
  • James Parrott – Deputy Director and Chief Economist, Fiscal Policy Institute
  • Alan D. Schwartz – Executive Chairman, Guggenheim Partners
  • James W. Wetzler – Deloitte Tax LLP, former New York State Tax Commissioner
  • Deborah Wright – Chairman, President and CEO, Carver Bancorp, Inc. and Carver Federal Savings Bank

New York State is sorely in need of tax reform, and to take steps to provide tax relief to our over-burdened businesses.  Let’s hope that this is the first step toward addressing some of these issues, and truly making New York State “open for business.”