Governor Begins Outlining 2014 Proposals
In a press conference earlier today to describe his tax cut proposal, Gov. Cuomo offered a glimpse into his State of the State Address that is scheduled for this Wednesday, Jan. 8 at 1:30 p.m., as well as his 2014-15 budget proposal expected later this month. Cuomo indicated that his tax cut plan will be one of a number of significant policy proposals that he will include in his Address. In recent comments, he has also indicated that he will propose investments in supportive housing.
Cuomo showcased that his administration has moved the state’s financial picture from the red to the black. Three years ago, the state had a $10 billion deficit, today it has a $2 billion surplus. This will allow the state to continue to grow the state budget by two percent, including investments in education, health care and economic development while also offering additional tax cuts. Cuomo outlined a number of pieces included in his tax cut proposal:
- Cutting the Corporate Income Tax from 7.1 percent to 6.5 percent
- Providing manufacturers a property tax credit of 20 percent of their property tax liability
- Reducing the Corporate Income Tax in upstate New York to zero
- Offering a state credit to localities who freeze property taxes for two years, with the caveat that municipalities must stay within the tax cap and collaborate to find efficiencies through shared back office functions
- Property tax circuit breaker based on ability to pay
- Renters tax credit
- Reform to estate taxes, eliminating the “move to die incentives,” putting state in line with federal standards
The governor suggested that he will continue to roll out a number of other significant proposals that are included in his State of the State Address. We will continue to keep you informed as we learn more and will provide a summary of the State of the State Address on Wednesday afternoon.
The State of the State Address on Wednesday will officially kick-off the 2014 Legislative Session with the governor’s proposed 2014-15 state budget expected to be released the week of Jan. 20. In anticipation of the upcoming budget battle, we have scheduled an Advocacy Day for Tuesday, Feb. 4 to ensure that legislators keep senior services and our frail elderly and disabled at the front of their mind. Registration is now open and we encourage all of our members to attend or send representatives from your organization. Please consider bringing (or sending) staff, consumers, board members and family members to help tell your story.
Contact: Alyssa Lovelace, alovelace@leadingageny.org, 518-867-8844 or Ami Schnauber, aschnauber@leadingageny.org, 518-867-8854