NewsLocal News

Actions

Gov. Cuomo: Federal tax law costing NY state $2.3B so far

CORP-Digital-Default-Image-1280x720-WKBW.png
Posted at 12:10 AM, Feb 05, 2019
and last updated 2019-02-05 00:10:27-05

ALBANY, N.Y. (AP) — State officials say New York's income tax receipts are down more than $2 billion so far, and Democratic Gov. Andrew Cuomo is placing the bulk of blame on the effects of last year's Republican-led federal tax cuts.

Cuomo says at a state Capitol news conference Monday that the federal law capping a deduction for state and local taxes at $10,000 is the main culprit for a projected $2.3 billion deficit.

Cuomo, joined by Democratic Comptroller Thomas DiNapoli and budget director Robert Mujica, says he'll be making adjustments in the $175 billion state budget proposal he unveiled last week. The governor didn't provide specifics. He has until mid-February to make budget amendments.

Democrats in Albany had warned that the tax cuts would hurt predominantly Democratic states such as New York.