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Cuomo Proposes Tax Elimination

Cuomo Proposes Tax Elimination

ALBANY, N.Y. (AP) - Gov. Andrew Cuomo has proposed cutting the state's corporate income tax from 7.1 percent to 6.5 percent in the coming year and eliminating it altogether for upstate manufacturers.

Surrounded Monday by chamber of commerce officials, the governor says he wants to remake the state's business climate by also offsetting 20 percent of manufacturers' property taxes while cutting the state utility surcharge.

The administration says a projected $2 billion surplus from its 2 percent state spending cap will fund the proposed tax breaks, which would later include tax credits for lower-income income homeowners and renters.

Cuomo also wants to pay more state aid to any of New York's 10,500 local governments that enforce hard 2 percent spending caps and cut their costs by consolidating services with other towns, villages, cities and counties.