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Cuomo: Cut taxes for 1 million small businesses

Posted at 1:48 PM, Jan 05, 2016
and last updated 2016-01-05 19:04:10-05

New York Gov. Andrew Cuomo is proposing a series of small business tax cuts as one of his top priorities in 2016.

The Democratic governor will push to reduce the corporate tax rate for small businesses that make less than $390,000 in net income.

Cuomo also wants to give relief to small businesses that pay the personal income tax rate by increasing and expanding a tax break now limited to sole proprietorships and farms.

The proposals were first reported by the Associated Press on Tuesday. Together, the two tax cuts would impact more than 1 million businesses around the state, saving them nearly $300 million annually.

The governor plans to detail his proposals next week during his annual state of the state address in Albany.

 

 
 

 

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