ALBANY, N.Y. (AP) — Gov. Andrew Cuomo's "tax-free" program for businesses may not be so free for New Yorkers after all.
A state fiscal report shows Cuomo's plan to allow companies and their employees to avoid all state taxes for 10 years if they come to New York is now expected to cut $323 million from the state's projected tax revenues over three years.
According to Cuomo's budget office report, the lost revenue would be the result of companies that would have come to New York and paid full taxes, but instead participated in the tax-free program.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.