Lowest Tax Rate in 58 Years will go into Effect in Days
Albany, NY (December 28, 2011)
Governor Andrew M. Cuomo today launched a clock on his website counting down to January 1, when the lowest tax rates for middle-class New Yorkers in fifty eight years go into effect. To find information about the new tax rates and to view the countdown clock visit www.governor.ny.gov
"New Yorkers will be ringing in the new year with the lowest taxes we have had in 58 years," Governor Cuomo said. "When the lower tax rates for businesses and residents go into effect on January 1, more than four million middle-class New Yorkers will get a tax-break. We hope all New Yorkers will join us in counting down to lower taxes for our State."
Earlier this month, Governor Cuomo and the State's legislative leaders announced tax code reforms to create jobs and restore fairness to the tax system. Under the new rate structure, a total of 4.4 million New Yorkers would receive a tax cut, including a $690 million reduction for middle class taxpayers, and all taxpayers would see a tax reduction or no change compared to their previous tax bill.
The new tax bracket structure would be reorganized as follows:
|Income Level||Previous Tax Rate||New Tax Rate|
|$40,000 to $150,000||6.85%||6.45%|
|$150,000 to $300,000||6.85%||6.65%|
|$300,000 to $2 million||7.85% - 8.97%||6.85%|
|Over $2 million||8.97%||8.82%|
As part of this tax reform, Governor Cuomo has also created the New York State Tax Reform and Fairness Commission to address long term changes to the tax system and create economic growth. The Commission will conduct a comprehensive and objective review of the State's taxation policy, including corporate, sales and personal income taxation. In its review, the Commission will consider ways to eliminate tax loopholes, promote administration efficiency and enhance tax collection and enforcement.