ALBANY, NY-Kicking off the year as well as his re-election campaign, Governor Andrew Cuomo Wednesday in his State of the State address proposed to cut taxes and make a number of other moves intended to put the state on more solid economic footing—including efforts to create jobs—and to take drastic action to upgrade New York City area airports.
The governor revealed a plan to freeze for two years the property taxes paid by working families, creating $1 billion in tax relief. He also suggested creating a property tax “circuit breaker”—based on ability to pay—for households that earn up to $200,000.
For renters, Governor Cuomo proposed a refundable personal income tax credit that takes into account a family's size. The credit will be available to renters with incomes below $100,000 and will provide over $400 million in tax relief for 2.6 million renters. On the estate tax, he put forth a plan to increase New York's exemption threshold to match the federal government, and lower the top rate to 10% over four years.
Cuomo said he wants to see the 18-A utility surcharge eliminated before its scheduled phase out in 2018, and plans to make that happen by immediately eliminating the temporary surcharge for industrial customers, and hastening the phase out for residents and other businesses.
Meanwhile, the Governor unveiled plans to form a committee to study and reform regulatory barriers for doing business int the state; launch an effort to attract international investment in upstate New York and hold a global summit on world trade and investment.
Lastly, Governor Cuomo debuted plans to bring more tourism to the state, which included the intention to take control of LaGuardia and John F. Kennedy airports away from the Port Authority of New York & New Jersey in order to majorly enhance the antiquated terminals.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
