“Today’s report from the New York State Tax Relief Commission contains several measures that, if enacted, will ease the tax burden of Upstate families and businesses. We applaud Governor Cuomo’s continued efforts to rein in state spending and lower taxes.
This fall, we released our New ERA for Upstate plan, which highlighted a number of tax cut and economic development proposals to improve the Upstate economy, including reducing the state’s corporate franchise tax. We are pleased that the Commission concurs with our assessment and recommends lowering the corporate income tax rate to 6.5 percent and to 2.5 percent for Upstate manufacturers.
In addition, we also called for the repeal of the regressive 18a energy assessment and are pleased that the Tax Relief Commission wants to accelerate its elimination.
The proposed reforms to the state’s antiquated estate tax will also deliver real relief to our legacy of family-owned businesses and farms as well.
Unshackle Upstate has long opposed a ‘circuit breaker’ program as a means of providing property tax relief in that it fails to address the factors that drive up our property taxes. We believe that enacting real, meaningful mandate relief is essential to reducing property taxes for all New Yorkers.
We look forward to working with the Governor and the Legislature to advance those changes and revitalize our struggling economy.”