Over the past seven years, New York’s cap on local property tax levies has generated billions of dollars in savings for homeowners and businesses, compared to previous trends. The cap has been especially effective in restraining school property taxes, which have long been the largest and fastest-growing component of New York’s tax burden.
Industry lawsuits filed against Governor Cuomo's $100 million opioid tax, summarized in today's Wall Street Journal, are raising fresh questions about the levy's fairness and unintended side effects.
Compare the taxes, spending and debt of local governments across New York State.
New York State's so-called millionaire tax, temporarily raising the state's top income tax rate to 8.82 percent from the permanent law limit of 6.85 percent, is next scheduled to expire at the end of 2019. The added tax generates roughly $4.5 billion a year, about 9 percent of net personal income tax revenues, making New York more dependent than ever on the highest-earning one percent of its taxpayers.
The future of the tax has now emerged as an issue in the gubernatorial campaign.
After months of behind-the-scenes work, the state Department of Taxation and Finance is circulating a "discussion draft" of proposed bill language creating a new form of state tax designed to preserve some federal income tax deductibility for state and local taxes (SALT) paid by partners in unincorporated firms.
As Albany lawmakers consider imposing costly new taxes and mandates on health insurance, a report from the New York State Health Foundation offers a timely reminder: The state’s insurance premiums are already among the highest in the country, and rising fast.
For all the taxes that Congress is aiming to cut, one has surprisingly dodged the ax so far: the $14.3 billion “Health Insurance Tax,” or HIT.
A federally mandated state takeover of local Medicaid costs would likely set up a three-way fiscal tug-of-war between upstate counties, downstate suburbs, and New York City.
START-UP NY, New York’s signature economic development program, made headlines for creating just 408 jobs in its first two years of operations. However, bigger disappointments may lie ahead.
Local government is a labor-intensive business, and employee compensation is the single biggest element of most municipal budgets. The 2014-15 edition of What They Make, the Empire Center’s annual report on public payrolls, allows New York taxpayers to compare this key element of local government costs around the state.
Eighteen school districts sought to override the state's property tax cap in yesterday's school budget votes—the fewest attempts since the tax cap was enacted. Seven of those districts failed to win the 60 percent supermajority required to override the cap.
One of the best things about New York's newly adopted state budget for fiscal 2016 is something that's not in it (yet): a costly new state subsidy of homeowners' local property taxes.
Governor Cuomo's Executive Budget proposal included an income tax credit (of the type also known as a "circuit breaker") that, when fully implemented by 2019, would funnel $1.7 billion a year to about half of the state's homeowners, plus renters.