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NYS Tax Reform Proposal

Governor Andrew Cuomo has unveiled a significant proposal to overhaul New York State's tax system.
Governor Andrew Cuomo has unveiled a significant proposal to overhaul New York State's tax system.

A bi-partisan commission worked to come up with the tax relief ideas. Cuomo wants to eliminate the corporate income tax rate for upstate manufacturers. Downstate, he wants to cut the rate from 7.1 percent to 6.5 percent, which is the level it was back in 1968.

Manufacturers could also get a tax credit for 20 percent of their property tax bills. The Cuomo Administration is also proposing to do away with a utility assessment on homeowners and businesses energy bills.

Cuomo says New York State has the highest property taxes in the nation, which has to be dealt with. He says one of the reasons taxes are so high is because there are more than 10,000 governments in the State. Cuomo wants to encourage them to share more services. As an incentive, he wants to freeze the amount that homeowners pay in property taxes for two years by giving them tax credits, as long as localities stay within the 2 percent property tax increase cap. The 2nd year, localities must prove that they've taken steps towards sharing more services.Otherwise, residents won't get the tax credits.

"Let's cooperate, let's collaborate and find out where there are some efficiencies by not merging, not consolidating, just sharing back office functions. It requires them to get past their turf and get past their silo. It's essential if we're going to make a difference," said Cuomo.

Cuomo is also proposing to overhaul the estate tax system. The Governor will be presenting his State of the State address on Wednesday. He did his tax reform proposal today, because he said it would be too long to do during the address. The State Legislature will be looking at the tax reform proposal in the coming months.
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