The Independent Budget Office's annual edition of budget options for New York City includes sustainability and local environmental measures —from a city-based carbon tax on energy use to a congestion surcharge for taxi and for-hire vehicle pickups south of 59th Street.
The carbon tax could generate $162 million in the first fiscal year of its implementation, IBO said in its 15th annual report. A congestion surcharge could bring in $225 million, it said, while creating a stormwater utility fee could generate $83 million.
"With tax revenues continuing to exceed Mayor [Bill de Blasio's] projections and a sizable amount of funds held in various reserves, there might seem little reason to consider savings or revenue options at this moment," said IBO Director Ronnie Lowenstein. "In fact, it is always necessary to ensure that resources—the public's tax dollars—are spent effectively and that taxes are collected equitably and efficiently."
A city "mansion" tax could generate $210 million while implementing a property tax surcharge on vacant land zoned for residential use and create a standard for "economic presence" for all corporations could pump in $29 million and $35 million, respectively, the IBO said.
Options that appeared in prior editions have been revised, some substantially, IBO officials said in a statement. In all cases, their potential for reducing costs or raising revenues has been re-estimated.
"Whether the option is new or revised, IBO does not recommend any of the measures presented in the volume—our role is to analyze, not to make recommendations," the organization said.
Ideas for the budget options come from many sources. Some originated as requests from elected officials, advocates, and others for an objective estimate of an idea's cost-cutting or revenue-raising potential.
