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State Tax Cut Proposal Gets Thumbs Up From Lawmakers

Governor Cuomo wants to enact sweeping tax cuts for business that will improve the state business climate and attract more jobs.
Governor Cuomo wants to enact sweeping tax cuts for business that will improve the state business climate and attract more jobs. 

Local state lawmakers are throwing their weight behind Cuomo's tax reform proposal. 

"This is a pretty good plan. This is going to be very popular for people all across the state, especially upstate New York, so I think people would be hard pressed not to support this if they want to stay in office," State Senator Joe Robach said.

The backdrop- Eastman Business park. The park's director says the proposed cuts to manufacturing taxes will attract businesses and jobs. 

"We're competing across the nation and one of the things I keep hearing over and over as we're looking to attract companies is that
New York is not competitive. This helps put us in a much more competitive position," Mike Alt said.

Other businesses will benefit from the cuts too. For instance, lowering the corporate franchise tax would save businesses nearly $400 million. The state will make up for the lost tax revenue with an expected $2 billion budget surplus. 

"Never ever before have we had as many jobs. I think it's 7.4 million jobs; it's the highest ever, it's a record, so that's generating income and what we're trying to do is more of the same in a sense by just providing and extending more relief to those people who are creating economic opportunities, creating jobs, so what we hope do do is create incentives, those incentives drive investments, and those investments create revenue," Assemblyman Joe Morelle said.

It is not clear when action will be taken on the proposals. Lawmakers say the will focus on getting a balanced budget done on time for now. Along with providing tax relief to businesses, Governor Cuomo also wants to give relief people who rent their homes, working families and tax breaks. 
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