Mr. Cuomo will seek to reduce the state’s corporate tax rate to 6.5% from 7.1% while also offering a 20% property-tax credit to manufacturers. For manufacturers upstate, that relief package will be augmented by an elimination of the corporate income tax. Mr. Cuomo estimated that these reforms could save New York’s manufacturing industry $161 million annually.
“The business climate in New York is exceedingly important, it’s all about jobs,” said Mr. Cuomo at a late-morning press conference.
http://www.crainsnewyork.com/article/20140106/ECONOMY/140109939
