|By PR Newswire||
|January 28, 2014 06:38 PM EST||
DALLAS, Jan. 28, 2014 /PRNewswire/ -- On January 21, 2014, Governor Andrew Cuomo announced his executive budget for 2014-2015. Included in the budget are a number of tax reforms geared towards accomplishing the policy goals also outlined in the budget announcement, among them simplifying the tax code and reducing rates and assessments. Manufacturers are the recipients of a few of these reduced assessments. The budget provides for a 20% credit on property taxes paid by manufacturers who own property, and "upstate manufacturers" have their tax rate on income eliminated entirely, from a previous rate of 5.9%. Similarly, the 18-a temporary assessment on utilities has been eliminated for industrial customers, three years in advance of its scheduled expiration date.
The budget announcement also covered several tax reforms relating to real property taxes. Qualifying homeowners will be eligible for a two-year freeze on property taxes in jurisdictions that are within the 2% property tax cap. Further, the budget creates a tax credit to be taken against personal income tax to provide income-based real property tax relief. Qualifying renters of real property will also be eligible for a personal income tax credit. Finally, the budget increases the exclusion threshold for the estate tax and reduces the top rate from 16 to 10% over four years. The announcement also touts the lowering of the tax rate on net income from 7.1 to 6.5%, calling it the lowest rate since 1968.
The budget now heads to the Legislature, which will hold budget hearings to negotiate passing a budget before the start of the new fiscal year on April 1, 2014.
For more information on the budget, the Governor's summary is available at: http://www.governor.ny.gov/press/01212014-cuomo-budget-statement.
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a three-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 1,600 professionals and associates serves over 9,000 clients in 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at www.ryan.com.
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