In an effort to continue to attract manufacturing to New York, Governor Andrew M. Cuomo proposed a refundable credit against corporate and personal income taxes that would be equal to 20% of a firm’s annual real property taxes.
This credit would provide $136 million in tax relief to the manufacturing sector.
There is a special emphasis on Upstate manufacturing with the proposal providing an additional $25 million in tax relief for Upstate businesses.
All of this tax relief is thanks to a $2 billion state surplus.
“Over the past three years, we have made unprecedented progress toward curbing the rise of taxes and government spending in New York, transforming a state budget with a $10 billion deficit to a $2 billion surplus,” Governor Cuomo said.