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Why ROC: Cuomo proposes key business tax breaks

Greater Rochester Enterprise President and CEO Mark Peterson discussed the impact of Governor Andrew Cuomo's State of the State address and corporate tax proposals Wednesday on News 8 at Sunrise.
Greater Rochester Enterprise President and CEO Mark Peterson discussed the impact of Governor Andrew Cuomo's State of the State address and corporate tax proposals Wednesday on News 8 at Sunrise.

Peterson noted three of the Governor's initiatives that would help businesses in our region - corporate tax reform, tax relief to boost manufacturing, and accelerating the phase-out of the 18-A Utility surcharge.  These would provide tangible benefits to companies that have already made the committment to do business in New York.  He said lowering the tax rate to 6.5 percent would provide a projected $346 million in annual tax relief to New York businesses.

The elimination of corporate income tax for all Upstate manufacturers will help to attract new businesses to the Rochester region and significantly improve the business climate for existing manufacturers.  Peterson said there are more than 1,500 manufacturers in the Greater Rochester Region, producing everthing from precision optics and gear production equipment to tomato sauce.  The hope is, these companies will use the tax breaks as an opportunity to expand their operations locally and create more jobs.

For more information about Greater Rochester Enterprise, click here.
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