Working to Restore Full SALT Deductibility
Seven states joined New York's nationwide campaign to fight for tax fairness; call on Congress to restore full SALT deductibility.
Governor Cuomo launched a nationwide campaign to fight for tax fairness after his meeting with President Trump on the devastating impact of the elimination of SALT deductability.
The Governor and Comptroller attributed the decline in Personal Income Tax receipts to the federal tax legislation's elimination of full state and local tax deductibility.
Response to the Federal Tax Changes
A Major Shift in Tax Policy
The FY 2019 Budget creates two new state-operated Charitable Contribution Funds. Taxpayers may claim these charitable contributions as deductions on their Federal and State tax returns.
Under the FY 2019 Budget employers would be able to opt-in to a new ECEP structure, and be subject to a 5 percent tax on all annual payroll expenses in excess of $40,000 per employee.
Reducing Taxes for New Yorkers
Since day one, Governor Cuomo has fought to reduce taxes for New Yorkers.
Governor Cuomo has secured the lowest middle tax rate since 1947, the lowest corporate tax rate since 1968 and the lowest manufacturers tax rate since 1917.
Governor Cuomo has enacted a property tax cap and property tax freeze that have led to a combine average savings of $2,600 per year.