NEWS10 ABC: Albany, New York News, Weather, SportsNY ranks second to last for favorable tax environments nationwide

NY ranks second to last for favorable tax environments nationwide

ALBANY, N.Y.--New York is a tough place to do business. That's the message in the latest release from the tax foundation in Washington D.C.

It ranks the empire state second to last when it comes to a favorable tax environment.

"It was a tough decision to do this, especially in this economy," says David Camacho, the owner of Risotto in Albany, a new restaurant on Northern Boulevard offering a menu of Italian and Mediterranean cuisine.

This is the first business venture for Camacho, but he is aware the stakes are high.

"I've lived here my whole life," says Camacho. "I've known the situation with opening businesses, I know people go to other states to open businesses, it's tough."

But Camacho said he was willing to take a risk opening up in New York, where there is a history of high taxes year after year.

"We've only been open a couple months now, so I've only been through the cycle once," he says. "So it's hard to say, but it was definitely high."

"For far too long, in past administrations, New York taxed too much and spent too much," says Robert Lillpop. "The result is, we're at the bottom of the pile."

The spokesperson for New York's Business Council says every new tax and fee placed on the backs of businesses, ultimately hurts their bottomlines.

However, he says despite the state's ranking as number 49 for an unfavorable tax system, the state isn't doomed.

Lillpop believes the Governor's budget, with no new taxes or fees is a solid one, one that businesses can live with.

"Businesses are saying this is good, there is where we can go."

"With the laws, the taxes, the economy, there are so many things negative in opening a business, but it's being positive throughout it all," adds Rob Tario, the co-owner of Ship's Pub on Northern Boulevard, another new addition to the plaza Risotto sits in.

Both the owners of Ship's Pub and Risotto say they are hoping a better New York is in the future.

"I think it will get better," says Tario. "In New York it goes up and down, but I think it's going to get better for everybody."

"Only time will tell, but it's been exciting so far," says Camacho.