Reducing the Tax Burden on New Yorkers
Tax Cuts for Businesses
To provide tax relief to support job generation in New York, the 2013-2014 enacted budget includes $800 million in tax relief for New York businesses over three years. The tax relief in the Governor’s budget sends a positive sign to the private sector that New York is pro-business and helps reverse New York’s longstanding reputation as the tax capital of the nation.
Cutting Taxes for Middle Class Families
Building on last year’s significant tax reforms that cut income tax rates for middle class taxpayers to the lowest in 60 years, the current budget puts $350 a year back into the pockets of middle class families over the next three years, providing a total of $1.23 billion in new tax cuts.
Cutting Taxes and Reforming Tax Code
Governor Andrew Cuomo established the New York State Tax Reform and Fairness Commission, co-chaired by former State Comptroller H. Carl McCall and Peter J. Solomon, to conduct a comprehensive and objective review of the State’s tax structure, including its corporate, sales, estate and personal income taxes. The Commission was charged with developing revenue neutral policy options to modernize the current tax system with the goals of increasing its simplicity, fairness, economic competitiveness and affordability.
Key recommendations of the Tax Relief Commission can be found here.