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News stories tagged with "tax"

Maybe Shelly Silver, the speaker, is raising taxes, but we’re cutting taxes.

Republicans and Dems spin the new tax bill

New York lawmakers piled on last night to approve an overhaul of the state's income tax rates. First, the Republican led Senate voted 55-0 for the measure. The Assembly followed with a 130-8 vote.

The measure was backed by Governor Andrew Cuomo. It will increases taxes on millionaires, but give 4.4 million middle-class residents a rare break worth $200 to $400 a year.

State Senate Republican Leader Dean Skelos says it's the first rate reduction for middle class earners in 50 years. But conservative critics say New York will continue to have one of the nation's highest tax rates, and New York City residents will pay the highest rate in the nation.

The deal required a change of mind for most of the lawmakers who passed it last night, and for Gov. Cuomo, who had promised to "freeze" taxes during his campaign last year. As they gathered for the vote yesterday, lawmakers were busy portraying the deal in the best possible light. Critics complained about the hasty, behind-closed-doors process. In Albany, Karen DeWitt reports.  Go to full article
There is not an intelligent or productive way to close the current gap without generating revenue.

Cuomo and legislative leaders announce more progressive tax plan

Governor Cuomo and legislative leaders have announced a deal they say will raise taxes on the rich, and slightly lower taxes for the middle class. In Albany, Karen DeWitt has this report.  Go to full article

Cuomo calls for fairness in tax code changes

Behind the scenes talks in Albany could result in a revamped state tax code, apparently increasing taxes on the wealthy next year. Governor Cuomo, who is asking for the changes, is also proposing a gambling expansion and other initiatives.

Cuomo promised to "freeze taxes" since his campaign a year ago, is now pushing the changes. The plan would also cut taxes for the middle class.

Cuomo continues to avoid saying he supports a tax hike for the rich. But after a year of strongly opposing a "millionaire tax," Cuomo has said he's open to the idea. As Karen DeWitt reports, the governor hopes the legislature will consider his proposals later this week.  Go to full article
Cash revenues have been falling short of expectations ...And economic activity has been very volatile.

New York's budget gap even bigger than expected

Governor Cuomo's budget office released some bad news yesterday. The state's budget gap is even bigger than expected, with a $350 million dollar shortfall for the current year and a $3.5 billion dollar gap next year.  Go to full article
The weakness that we all know in the economy continues...That has an impact on state revenues.

Tax revenue down, budget outlook grim

The outlook for next year's state budget is looking increasingly grim, as a new report from the State's Comptroller brings more bad news about tax collections. Karen DeWitt has our story:  Go to full article
It’s over with. There’s not going to be a so-called millionaire’s tax passed.

Assembly Dems float millionaire's tax; Senate GOP says no

A proposal by Assembly Democrats to continue an income tax surcharge on millionaires is being praised by the teacher's union, but rejected by Senate Republicans.  Go to full article

North Country firms must justify Empire Zone status

There are 11 Empire Zones in the North Country. All include businesses that have received letters from the state and must account for their low investment or job creation. The numbers range from just three in the Franklin County zone to more than 50 in Watertown. Victoria Zinser-Johnson is coordinator of the Clinton County Empire Zone. There 7 of 40 participating businesses received warnings from the state. One has since gone bankrupt. Zinser-Johnson told David Sommerstein she's encouraging the remaining six to set up a meeting with her to review their Empire Zone commitments.  Go to full article

The state offers rebates on property tax depending on income

The state tax department has started sending out letters to homeowners, telling them they are eligible for property tax rebates. But to get the checks, homeowners first have to fill out a form. Tax officials say, it really isn't as hard as it seems. Karen DeWitt reports.  Go to full article

Experts weigh tax relief

Eliot Spitzer made clear during his campaign for Governor and in his State of the State speech that cutting New York's property taxes is a top priority. At a conference at Albany's Rockefeller Institute, experts agreed that New York's highest in the nation combined state and local taxes are a major problem, and offered some solutions. Karen DeWitt reports.  Go to full article

Spitzer vows to collect tobacco tax

Martha Foley reports on Governor Spitzer's response to a state court's ruling on a law that would require the state to collect taxes on non-natives who buy cigarettes at native-owned stores.  Go to full article

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