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This Week in Government Affairs
January 6, 2014

 

In advance of Wednesday’s State of the State message, today Governor Cuomo announced a tax reduction and reform package that he would be proposing as part of his FY 2015 Executive Budget. His plan largely reflects the recommendations of the Pataki/McCall commission on which Business Council president Heather Briccetti served, and contains key provisions endorsed by the Council.

Highlights of today’s announcement included the following:

Business Taxes

Energy Assessments

Estate Tax Reforms

Residential Taxes

While some of the proposed tax changes would be effective in 2014, it is likely that the business tax credits, including the corporate franchise tax reform package, would not be effective until 2015. We expect the legislative package, once released later this month, will include broad Article 9A reform, and will likely include additional proposals from the earlier tax reform commission, including some amendments to several business tax credits. We will continue to provide Business Council members with additional details as they become available.

Contact with Ken Pokalsky with questions or comments.

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