State Senator David Carlucci, flanked today by the rest of the Independent Democratic Conference, said that if marriage equality passes New York, it will create a financial benefit for the State of $391 million for the three years after it’s implemented.
The IDC said that their financial estimates are conservative and the revenue and cost savings for the State are tangible. Their report, ‘€œFor Love or Money?: The Economic Impact of Marriage Equality in New York,’€ was released during a press conference today with advocates and constituents who are pushing to make marriage equality legislation.
‘€œNew York State must move out of the era of suppression and into the era of equal rights,’€ Carlucci said. ‘€œMarriage equality is a human rights issue, but furthermore it will bring much needed revenue into New York State. I have always held the belief that New York was among the most open minded and progressive states, however regarding this issue of marriage equality we have fallen far short of that reputation. It is an embarrassment and a shame on our state that we have not passed a marriage bill yet. We must pass marriage equality now.’€
The report estimates that 21,309 gay and lesbian couples from New York would get married within the first three years. It also estimates that 3,308 couples from surrounding states that do not have marriage equality would travel to New York to get married, as would 41,907 non-New York gay and lesbian couples who would travel to New York for a ‘€œdestination wedding.’€
The IDC says that this influx would be a boon to New York’s wedding and tourism industries, which has been hard hit by the current economic downturn. It would also result in increased revenue for New York State through increased sales tax collections, and help for municipalities in increased collections from marriage license fees, local sales tax, and, in New York City, a hotel occupancy tax.
Cliff Weathers is the publisher of Left of the Hudson, a progressive news and opinion blog for the Lower Hudson Valley.