taxation

http://nysac.org/

 

Counties across New York are concerned over reports that sales  tax collections are plummeting, they are asking Governor Cuomo’s tax department for a better explanation.

The New York State Association of Counties, dismayed over areport by the State Comptroller that sales tax collections have slowed to half of what they were last year, are asking Governor Cuomo’s tax department for more information, says the group’s Steven Aquario.

“Are we seeing a trend here?” Aquario says the counties are asking the tax officials.

 

Calling it the “major problem facing the state”, Governor Cuomo announced a plan to reduce New York’s highest in the nation rate of property taxes for some homeowners. But the program was not received with open arms by everyone.

Under Cuomo’s proposal, homeowners who pay  6% or more of their annual paychecks in taxes, will get a credit on their tax bills. Renters will also receive an equivalent credit.

Ahead of this Wednesday's State of the State address, Gov. Andrew Cuomo has laid out details of a proposal to change key elements of New York's tax regime. He made the announcement surrounded by many of the key players who've been lobbying for tax relief for business.

Cuomo said 2014 is the fourth year in a row that his administration has reached out to the business community encouraging them to "give New York a second look."

taxfoundation.org/maps

Senate Republicans held a hearing on how to cut taxes, that focused on whether some targeted special tax breaks are worth the money. Meanwhile, some groups complained that they’d been unfairly excluded from the discussion .

Senate Finance committee Chair John DeFrancisco painted a grim picture of New York’s tax policy. He says the state consistently ranks at the top slot for the highest overall taxes in the nation, and the least business friendly environment.  DeFrancisco says while there have been some reductions in the personal income tax rates and some business taxes, more needs to be done to reduce taxes and simplify a confusing tax code.

“The need for tax reform cries out,” said DeFrancisco, who says the personal income tax contains 15 modifications and 45 different credits.