Senate Republicans today unveiled some new proposed personal income tax (PIT) adjustments that would generate savings for middle-class families.* For a couple with income of $70,000 and two children under 17, the potential annual tax cut from the proposed Family Tax Relief Act would appear to come to roughly $700...
The White House says that if an automatic budgetsequester is triggered in Washington later this week, New York ultimately will lose $275 million in federal aid.
Politicians from Albany have been complaining for years that the state’s capital city is fiscally strapped because 60 percent of the property within its boundaries, much of it state owned, is tax exempt
Unlike state Comptroller Tom DiNapoli, who says he’s still thinking it over, one upstate local official has already concluded that Governor Cuomo’s local government pension smoothingproposal would be a bad deal.
Governor Cuomo’s proposed state budget for fiscal 2014 envisions a relatively strong 6.6 percent ($2.6 billion) increase in net personal income tax (PIT) receipts for the year starting April 1, even though the tax so far has under-performed the original budget projections for fiscal 2013. The highest-earning one percent of New York taxpayers is expected to generate 41 percent of net receipts, according to the Economic and Revenue Outlook volume of the budget
The biggest of the almost-new taxes in Governor Cuomo’s “no new taxes” budget is being targeted for elimination by state Senate Republicans. They were joined today by business and industry representatives in calling on Cuomo to remove the extension of the Section 18-A “assessment” from his budget proposal.
In lieu of actual mandate relief, Governor Cuomo wants to make a seemingly irresistible offer to local governments.
New York’s property tax levy cap makes it more important than ever for local governments and school districts to bring their long-term spending into line with long-term revenues. But most localities don’t issue budget forecasts that look further than a year ahead —making it it easier to put off tough decisions.
Three years ago, a bill that would have forced landlords throughout New York State to accept recipients of federal Section 8 rent vouchers was vetoed by then-Governor David Paterson on the grounds that it would have placed an onerous regulatory burden on landlords and cost the state millions to enforce. However, in his State of the State message last week, Governor Andrew Cuomo indicated he’ll revive the idea as part of his own legislative program.
For taxpayers in New York State’s top personal income tax bracket, the new federal tax law will drive the combined federal and state marginal tax rate to within a percentage point of 50 percent, its highest level in 27 years.
The just-enacted federal tax increase will fall heavily on high-income New Yorkers – but will take a much smaller bite out of the Empire State’s tax base than President Barack Obama had been seeking...
New York State and Erie County officials today reportedly will join in announcing that the Buffalo Bills have signed a 10-year renewal of their stadium lease, and that team owners have agreed to pay a $400 million penalty if they move out of Buffalo before the lease expires.