Changes for New York Taxes?
ALBANY, N.Y. (AP) - A New York commission examining tax fairness has proposed changes in the state's sales, estate and franchise taxes.
The panel outlines proposals meant to modernize the tax system and make it simpler, fairer and more affordable.
They want to eliminate the estate tax on 73 percent of New Yorkers by raising the exemption threshold from $1 million to $3 million, saying it now wrongly targets middle-class taxpayers. They propose revising sales tax exemptions to help low-income residents, simplifying corporate and bank franchise taxes and annually evaluating business tax credits to determine their effectiveness.
The report released Thursday says state and local governments levied about $146 billion in taxes for the most recent fiscal year.