Gov. Cuomo proposes tax relief

By WBNG News

Gov. Cuomo proposes tax relief

December 10, 2013 Updated Dec 10, 2013 at 9:50 PM EDT

(WBNG Binghamton) New Yorkers pay some of the highest property tax bills in the country, but Gov.Andrew Cuomo is proposing to ease that burden.

Cuomo formed a tax relief commission in October to come up with way to lower both local and school property taxes.

The commission proposed that future tax surplus be set aside by the state to ensure a 6.85 percent income tax to reset in 2018.

They also recommend a two-year freeze on residential property taxes for homeowners in jurisdictions that abide by the 2 percent real property tax cap.

Cuomo said this is all about equity in the tax code and strengthening the state's economy.

"It is a crushing tax on people. It is also a crushing tax on business and if you ask business owners why would you think of leaving the state, why might you not come to the state, they go right to the state property tax," said Cuomo.

To help draw companies to grow business in the state, the commission is recommending a reduction in the corporate income tax rate for upstate manufacturers to 2.5 percent, which would be the lowest rate the state has set.