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The next bill before me is Introductory Number 942-A, sponsored at my request by Council Member Berman. This legislation will bring certain provisions of the City's tax code into closer alignment with the State's tax code in order to simplify the administration of City business taxes.

This bill is a result of a two-year long study by the City's Department of Finance. The study compared the City's General Corporation Tax and Banking Corporation Tax with analogous State statutes to find areas where State and local laws were redundant or needlessly different. This bill will implement the study's findings, eliminating technical inconsistencies in the tax codes that presently cause businesses extra work, and that can lead to unwarranted additional assessments and late-payment penalties.

As the City and its businesses face the economic challenges ahead, it is imperative that we do everything we can to foster and cultivate economic growth. By simplifying tax-paying procedures for businesses, this legislation will remove needless burdens at a time when many companies in the City need all of the assistance we can provide.

I will now turn to the bill's sponsor and to any other elected officials wishing to speak on this matter.

I will now turn to the general audience.

There being no one else wishing to speak and for the reasons previously stated, I will now sign the bill.

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