Taxes

New York State Tax Commission Recommends Cuts

I may faint

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A commission appointed by New York Governor Andrew Cuomo to study tax policy recommended reducing property and businesses levies by $2 billion over three years, including a cut in the corporate rate to the lowest since 1968.

The panel, led by former Republican Governor George Pataki and former Comptroller Carl McCall, a Democrat, called for a two-year program of property-tax rebates in municipalities that stay within the 2 percent cap on annual increases. It also advised raising the threshold on estate taxes to $5.25 million from $1 million and lowering the rate to 10 percent from 16 percent.

"This is good news," Cuomo said at a press briefing in Old Westbury on Long Island, where the report was unveiled. "It's good news that the state is in the position to contemplate tax cuts."