The state Tax Relief Commission released a report Monday with a strategy to reduce property and business taxes, providing relief to homeowners and businesses.
In addition to cutting taxes, the commission recommends providing incentives to local governments to reduce the cost of operations, lowering the corporate tax rate to its lowest level in 46 years, reducing the tax rate for upstate manufacturers to its lowest historical level and updating the estate tax to bring New York in line with other states.
A release by Gov. Andrew M. Cuomos office says the recommendations in the report were made possible by fiscal responsibility and responsible budgeting in the past three years.
This commission has taken the $2 billion dollar surplus that resulted from our responsible budgeting and fiscal reforms to propose even further reductions for New York taxpayers, Mr. Cuomo said. I look forward to working together with the legislature to review these recommendations and continue our efforts to reverse the states reputation as a tax capital and make New York a friendlier state for families and businesses.
View the report online at http://wdt.me/4gqhsC.