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Economy

Economy and Business news

Tax law changes possible impact on charitable giving

Dec 20, 2017
racf.org

The changes contained in the GOP tax bill may have an impact on charitable giving in 2018.

That's the word from the President and CEO of the Rochester Area Community Foundation, Jennifer Leonard.

She notes that the tax bill proposes nearly doubling the standard deduction, which means millions of people may not itemize, and charities and non profits could take a hit, as a result.

Office of NY Gov. Cuomo

(WXXI News & AP) Communities in New York state are splitting $755 million in state economic development funding.

State officials announced the awards Wednesday at an event in Albany. The money will support hundreds of local economic development efforts, including job training, subsidies for expanding businesses and funding for community organizations.

This year's big winners include central New York, the Mohawk Valley, the Albany region, the mid-Hudson Valley and Long Island, which each received more than $80 million.

www.nscorp.com

Governor Andrew Cuomo this week announced the start of  freight rail service on the new Portageville Bridge in Letchworth State Park. He says the new bridge will allow Norfolk Southern Railway to continue safe, reliable, and efficient rail operations on that route.

Cuomo announced three years ago federal approval of the plan to build a new arch bridge to replace the historic Portageville Bridge which carries the Norfolk Southern Railway Southern Tier Line.

A new survey says that a majority of New York State residents plan to keep their holiday spending budgets pretty level with what they spent last year.

That's according to Siena College which says that 61 percent of state residents plan to spend about the same as last year on holiday gifts, while 28 percent say they will spend less, and about nine percent will spend more.

SCHENECTADY, N.Y. (AP) - Three new upstate New York casinos have so far failed to generate the big payoffs they projected, meaning less money shared with towns, cities and counties.
 
Slot machine and table game revenue from casinos in the Finger Lakes, the Southern Tier and Schenectady have fallen short of the rosy revenue projections operators produced when applying for licenses. For instance, Rivers Casino & Resort in Schenectady had gambling revenues of $105 million after nine months, putting it on track to finish short of its minimum $181 million projection.
 

freeimages.com/Lotus Head

Starting this week, the State Labor Department is accepting comments on proposed new regulations for employee scheduling.

If implemented, the sweeping changes would affect how much notice retail and other service sector workers would get before they have to report to work. 

The latest numbers for job growth are out from the New York State Labor Department, and they show the Rochester with a decline of 3,200  private sector jobs in October compared to a year ago.

That was the largest loss of any metro area in the state, in fact, most metropolitan areas showed gains for the month.  Elmira was the only other metro to see a drop in jobs in October.

Red Kettle Christmas Campaign kicks off

Nov 16, 2017
Alex Crichton

The Salvation Army of Greater Rochester has kicked off its annual Red Kettle Christmas Campaign.

Officials gathered at Marketplace Mall to ring in the event.

But more are people shopping on line these days, and Director of Monroe County Operations for the Salvation Army, Major Douglas Hart, says that is having an impact.

“Absolutely, and it’s making us think of the future, too.  We need to plan for other avenues of giving.  We do have online giving,” he said.

google.com

Officials at Wilmorite say they are going to rethink their options now that the Pittsford Village Board has unanimously approved a 12 to 18 month moratorium on major construction in the village.

Wimorite had planned to purchase property from a local farmer and develop the area at 25 Schoen Place.

That's on hold now, as the village works on updating its village code and comprehensive plan.

Empire State Development

A new manufacturing plant has opened in the town of Riga, and that will create some jobs.

Empire State Development says that ScottsMiracle-Gro has opened the doors on its new manufacturing plant, which will serve customers throughout upstate New York with various lawn and garden products.

The company plans to create at least 20 new jobs and retain 77 other jobs statewide as a result of this expansion.  Officials say the company reuses more than five billion pounds of green waste each year in its products.

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