Story of Coming Home

Transcription

1 Story of Coming Home

2 GE was founded as Edison General Electric in Schenectady, New York in 1892.

3 Over the next century, GE s business flourished. At its peak, the company employed more than 50,000 New Yorkers.

4 GE was eventually driven away by what was New York s adverse business climate.

5 The New York GE once knew is not the New York that exists today.

6 New York learned the hard way... People will move.

7 The State has undergone a fundamental fiscal transformation.

8 Over the last several decades Past budgets were out of control. 2. New York State was on a 50-year spending spree. 3. Taxes were too high.

9 State Spending 1960s % Rockefeller/Wilson

10 State Spending 1960s % 6.9% Rockefeller/Wilson M. Cuomo

11 State Spending 1960s % Inflation at 4.2% 6.9% 5.2% Rockefeller/Wilson M. Cuomo Pataki

12 Our budget signature was to call for a 2% limit on spending.

13 State Spending 1960s % 6.9% 5.2% 1.4% Rockefeller/Wilson M. Cuomo Pataki A. Cuomo

14 We have gone from a $10 billion deficit to a $5 billion surplus* $5B* $.5B -$3.5B -$1.4B -$10.0B *Includes funds from financial settlements

15 Because we spend less we can tax less. And we have.

16 New York Cuts Taxes Lowest middle class tax rate since 1953 Lowest corporate income tax rate since 1968 Lowest manufacturers tax rate since 1917

17 Best since 1972 Highest ever Best since 1964 S&P AA+ Fitch AA+ Moody s Aa1 The State s credit ratings are up across the board.

18 And today, New York has the lowest per capita debt relative to comparable states. Change in Net Tax-Supported Debt Per Capita: to ,616% +119% +181% +185% +280% +332% +488% +607% +668% New York Maryland Pennsylvania Florida Ohio Washington Massachusetts Connecticut Virginia

19 New York Creates Jobs Unemployment rate down in every region of the state. 694,00 new jobs since More private-sector jobs today than at any other point in New York history.

20 New York is open for business.

21 New York is the global leader and innovator in high tech.

22 There is no reason why any other state can out-pace New York.

23 Our STEM talent is worldclass. More than 170 colleges and universities in the state. More than 40,000 STEM degrees were awarded in $2.4 billion in total National Institutes of Health Research Awards.

24 And our innovation ecosystem is unmatched...

25 We had a vision to make New York the best place for the businesses of tomorrow.

26 Today these investments are driving innovation across New York. Buffalo IT & Medical Innovation and Commercialization Hubs Buffalo, NY Roswell Cancer Institute Buffalo, NY Power Electronics Manufacturing Consortium - GaN Rochester, NY Central New York Hub for Emerging Nano Industries Syracuse, NY Nano Utica Utica, NY Global Foundries Malta, NY Power Electronics Manufacturing Consortium - SiC Albany, NY CNSE Albany, NY Cold Spring Harbor Lab Cold Spring, NY The Buffalo High-Tech Manufacturing Complex Buffalo, NY Smart System Technology & Commercialization Center Canandaigua, NY IBM Westchester, NY Brookhaven National Lab Brookhaven, NY

27 And helping to grow a thriving tech corridor between Albany and Long Island.

28 We are also making unprecedented investments in our infrastructure: Capital Plan includes $22 billion in spending by State and authorities. $500 million for statewide broadband largest in nation. Reimagining our airports: $4 billion to build a new, unified LaGuardia Airport Creating a master plan for JFK and modernizing Stewart and Republic

29 Business has noticed the transformation and companies are moving to be part of the new New York...

30 Establishing our new global headquarters in [New York] places Cadillac at the epicenter of sophisticated living. -CADILLAC PRESIDENT JOHAN DE NYSSCHEN 2014: GM moves Cadillac HQ

31 [New York will] afford us greater exposure to developing trends in a diverse, urban center. -ANHEUSER-BUSCH COMPANY MEMO 2014: Anheuser-Busch InBev moves Marketing & Sales Ops

32 GE Specifically: Several points. 1. GE already has a large investment In New York. SCHENECTADY Power and Water $45M 650 new jobs GEMx Battery Plant $170M 450 new jobs CROTONVILLE John F. Welch Leadership Development Center NISKAYUNA Global Research Headquarters $1.2B over 5 years NORTH GREENBUSH Digital Mammography Manufacturing Facility $165M 100 new jobs BOHEMIA Aviation Systems $3.9M 255 jobs

33 2. GE is proximate to New York. Dutchess Westchester Rockland Connecticut New York City

34 3. STARTUP-NY Tax Credit No corporate taxes No property taxes No employee income taxes $50 million

35 STARTUP-NY Employee Savings For an employee with annual salary: $200,000 No state income tax: $10,500

36 4. We will find you a site. Whatever you want... RURAL SUBURBAN URBAN Northern Westchester, Dutchess Central/Southern Westchester New York City

37 GE will be a top priority for Governor Andrew Cuomo. GE coming home is powerful.

38 GE Chairman and CEO Jeffrey Immelt said... It is true that New York is open for business, and I commend Governor Cuomo for his successful efforts to make the state a place where companies like GE want to continue to invest and expand. 7/15/14

39 Story of Coming Home