New York Gov. Andrew Cuomo today announced details of a more than $2 billion tax-relief proposal he says is designed to increase economic opportunity and attract and grow businesses across the state.
Cuomo’s office is citing “responsible fiscal management in state government” for today’s announcement that New York has gone from a $10 billion deficit to an expected $2 billion surplus.
Based on current projections, the state will see a surplus of about $2 billion by fiscal year 2016-17 if spending growth is held to two percent annually, according to Cuomo’s office.
Given the projected surplus, Cuomo proposes a more than $2 billion package of tax-relief measures to help New York residents and businesses.
Cuomo’s proposals include a two-year freeze on property taxes, cutting business taxes and treating businesses “more fairly,” a real-property tax credit for manufacturers, and eliminating the tax rate on Upstate manufacturers. The governor also proposes accelerating the phase-out of the 18-A surcharge, which is the two percent temporary utility assessment levied on commercial electric, gas, water and steam-utility bills for industrial customers.
Proposals to streamline tax collection will offset any costs of the tax-relief package exceeding $2 billion, according to Cuomo’s office.
The proposals will increase revenue through improved audits, Cuomo contends.
Contact Reinhardt at ereinhardt@cnybj.com