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Monday, January 6, 2014
FILE PHOTO BY HEATHER N. GRIMMER
Gov. Andrew Cuomo unveiled a tax plan on Monday calling for $2 billion in tax relief for state businesses and families.

A press release from the governor's office says that the state has gone from a $10 billion deficit to what is expected to be a $2 billion surplus in the 2016-2017 fiscal year. In it, the governor proposes to give that surplus back to taxpayers in the form of tax breaks, credits and freezes, including the following:
  • Two-year property tax freeze
  • Property tax "circuit breaker"
  • Renters' tax credit
  • Estate tax reforms
  • Business tax cuts
  • Property tax credit for manufacturers
  • Elimination of corporate income tax for upstate manufacturers
  • Accelerated phase-out of 18-A utility tax
  • Other tax changes and simplifications
The press release concerning the governor's plan can be read in its entirety here. A video of the governor's announcement can be found here

Both the Business Council of New York State and the tax group Unshackle Upstate offered praise for the governor's plan.

Statement from Heather C. Briccetti, Esq., President and CEO, The Business Council of New York State, Inc.

"This is big news for the state's economy, especially upstate, as this package will provide broad-based business tax relief, and support key business sectors across New York," the Business Council said in a press release Monday afternoon. "The importance of the tax relief component for manufacturers cannot be overstated. The loss of manufacturing jobs is one of the main reasons the upstate economy has struggled. This is an important step in the right direction for upstate, and New York as a whole.

PHOTO COURTESY OF GOV. CUOMO'S PRESS OFFICE - Gov. 
Andrew Cuomo, second from right, discusses high property taxes on 
Monday. Niagara County is one of 13 highlighted on the map. 
Business Council President and CEO Heather C. Briccetti said, "Having served on the Governor's Tax Relief Commission, it is especially rewarding to know that the Commission's recommendations will be featured in his executive budget."

Brian Sampson, executive director of Unshackle Upstate, said, "We are pleased that Governor Cuomo is making tax relief a major priority for the 2014 legislative session."

"We have long supported eliminating the regressive 18-A energy tax, lowering the corporate franchise tax rate and eliminating corporate income taxes for Upstate manufacturers. Last September, we advanced similar proposals in our New ERA for Upstate plan as essential steps toward revitalizing the Upstate economy. This year, we have a real opportunity to revitalize our economy and get New York moving in the right direction. By reducing burdensome taxes and improving the business climate, a new era of growth and prosperity is possible. 

Gov. Cuomo will deliver the State of the State Address in Albany on Wednesday.



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