New York ~ Multiple Taxes: Governor Accepts Final Report of Tax Relief Commission

New York Gov. Andrew M. Cuomo accepted the final report of the Tax Relief Commission, which was charged with identifying ways to provide relief to the state’s homeowners and businesses via property and business tax reductions and updating the estate tax laws. The commission recommended lowering the corporate income tax rate to 6.5% and a simplified tax structure. The rate for manufacturers upstate would be further reduced to 2.5%. In addition, all manufacturers would benefit from a recommendation by the commission to reduce property taxes on manufacturers by 20% through a state credit program.