Robert Megna started the conference with a discussion of the budget. He noted there were no changes to the Tax Law in the budget.
On the budget, Mr Megna noted that 85% of the budget gap was closed through spending cuts.
Division of Budget estimates Wall Street bonuses will hit 2008 highs in 2012, almost back to those levels in 2011.
On a 5 year outlook, the 2012 budget reduced the gap from $60b to $10b.
Mr. Megna focussed much of his comments on structural curbs instituted for school aid and Medicaid.
On job creation, he discussed the impact of the lapse of the income tax surcharge. For the future, the property tax cap will be an important assistance for business. Incentives will come in future years through the regional councils. He utilized the words "targeted incentives"
On Art 9-A and 32 reform - Mr. Megna had no prediction on whether this would show up in next year's budget.
