Report: N.Y. second most costly state for business

ALBANY — A new report finds the cost of doing business is New York is the second highest in the nation this year, behind Hawaii. The Public Policy Institute of New York State released the study on Dec. 11 comparing average annual wages, electricity costs, commercial rents and tax burdens. The institute is the research arm of the state Business Council, which is lobbying the Legislature to reduce taxes and spending. Gov. Eliot Spitzer says his January budget proposal to the Legislature won’t increase taxes, but will likely include increasing fees and closing tax loopholes to help address a projected $4.3 billion deficit, steps that could cost businesses more.