Keeping New York Jobs Here
*The budget also includes a corporate tax cut that will amount to approximately
$500 million when fully phased in.
*This initiative merges New York’s bank tax and corporate tax and lowers the
corporate tax rate from 7.1 percent to 6.5 percent.
*The budget also phases out the practice of calculating the corporate tax based
on assets rather than income.
*In an effort to attract more businesses to the state and create more local jobs, the budget provides tax incentives to manufacturing businesses looking to set up shop her in New York.
*One such incentive eliminates the income tax on manufacturers, saving businesses $193 million starting in 2014-15, creating jobs and revitalizing the economy.
*The budget further relieves manufacturers by offering a tax credit equal to 20 percent of their property tax cost.
*Businesses that were worried about locating or expanding in New York will no longer face the same burdensome property taxes that discouraged those before them.
*This will save manufacturing businesses another $100 million each year starting in 2015-16.
Reducing the property tax burden
This year’s state budget ensures that hardworking families continue paying the lowest tax rate in
over 60 years and provides for a $350 child tax rebate, while also giving them substantial property tax
*Provides significant property tax relief for homeowners across the state by offering a two-year
property tax credit in the form of a direct check, provided that a local government and school district
stay within the 2 percent property tax cap.
*To benefit for a second year, schools and localities would have to propose a detailed cost-cutting
*This measure will not only help families save money, but will also incentivize efficiency, saving
taxpayers over $1.5 billion over the next 3 years.
Keeping New York affordable
*In last year’s budget, the Assembly fought to phase out the 18-a utility surcharge imposed on energy bills
*This year’s budget accelerates the phase-out, lowering the surcharge rates by $200 million annually for both residential and commercial customers and $600 million over the next three years.
Estate Tax Reform
*The enacted budget also provides much-needed reform to the state’s estate tax by raising the income threshold from $1 million to $5.2 million over the next four years.
*This increase will save taxpayers $355 million when fully phased in. ·
Tax Relief and Reform