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Golisano says he'll leave New York, go to Florida

Mon, May 18th 2009 12:00 am
Thomas Golisano, the billionaire owner of the Buffalo Sabres, has had it with New York state's tax burden and is making Florida his permanent residence.

Golisano made the disclosure Thursday in his native Rochester at the city's 2009 Financial Executive of the Year Awards.

The Paychex Inc. founder has made a dedicated effort in the past few years to change the political landscape within the state, spending millions in support of numerous candidates for office. He also has twice failed to become governor.

At the end of a speech detailing what he sees as systemic problems with the state's property-tax system and dovetailing into education, income taxes, health care and the role of unions in politics, Golisano announced his intention to move to Florida.

"I'm not happy about it by any means. But we have a state that continues to be run like this, and you compare the State of Florida and seven or eight other states - Florida has no income tax at all, 6 percent sales tax versus 8 percent sales tax and 1 percent of property tax to market value, compared to an average of 3.5 percent in Upstate New York," he said.

"I don't expect anyone to feel sorry for me, but a number of friends close to me said I should say this: My tax savings just on income tax will be $13,800 per day. Per day. Now, if it has this kind of effect on me, imagine the effect on a lot of New Yorkers and what's going to happen to our state as long as we keep allowing this to happen year after year after year. We let it happen by doing generally one thing - electing the same legislators and getting the same power to Shelly Silver and now Malcolm Smith to absolutely control the New York State Legislature."

The 67-year old Golisano already spends several months at a home in Naples, Fla. By claiming that as his full-time residence, his estimated yearly savings would be more than $5 million per year.

A recent valuation by Forbes magazine estimated Golisano's wealth at $1.3 billion.