New York Gov. Andrew Cuomo today accepted the final report of the Tax-Relief Commission from its co-chairs, former Gov. George Pataki and H. Carl McCall, chairman of the SUNY board of trustees and former New York State Comptroller.
Cuomo wanted the commission to identify ways to reduce the New York’s property and business taxes to provide relief to New York’s homeowners and businesses.
The commission’s recommendations focus on providing property-tax relief for New York homeowners and businesses and enhancing the state’s economic competitiveness, the governor’s office said in a news release.
(Sponsored)
House of Representatives Passes $78 Billion Tax Package
On January 31, the House of Representatives overwhelmingly passed the Tax Relief for American Families and Workers Act of 2024, a tax package worth $78 billion. The bill was approved
Cybersecurity in Today’s Remote Work Environment
The response to the COVID-19 pandemic demonstrated that remote work was viable for many companies. Today, remote and hybrid work models have become standard options for most professionals. While remote
In addition to providing tax relief, the group recommends offering incentives to local governments to reduce the cost of operations.
Further recommendations include lowering the corporate-tax rate to its lowest level in 46 years; reducing the tax rate for Upstate manufacturers to the lowest level ever; and updating the estate tax to bring New York in line with other states.
The report follows three years of “fiscal integrity and responsible budgeting” that put the state in a position to examine new ways to provide tax relief to New Yorkers, Cuomo’s office said.
Property taxes have been a “crushing burden” on New York homeowners and businesses “for far too long,” hurting job growth and driving individuals and families from the state, Cuomo said in the news release.
“While we have made tremendous progress over the last three years in bringing down taxes for all New Yorkers, this Commission has taken the two billion dollar surplus that resulted from our responsible budgeting and fiscal reforms to propose even further reductions for New York taxpayers. I look forward to working together with the Legislature to review these recommendations and continue our efforts to reverse the state’s reputation as a tax capital and make New York a friendlier state for families and businesses,” Cuomo said.
The report has drawn positive reaction from at least one group that advocates for small businesses.
It incorporates “many items” that have “long” been on the legislative agenda of the National Federation of Independent Business (NFIB), Michael Durant, New York director, said in an NFIB statement.
“Reforming New York’s estate tax is crucial to maintaining our family-owned small businesses and family farms. Cutting taxes for manufacturers and lowering the corporate rate will also move New York forward in economic competitiveness,” Durant said.
The NFIB hopes Cuomo will include the recommendations in his 2014 executive budget proposal.
Contact Reinhardt at ereinhardt@cnybj.com
