N.Y. CAPITOL Gov. Andrew Cuomo outlined several new initiatives and built upon existing ones during his State of the State address Wednesday, Jan. 8. The following is a highlight of some initiatives affecting local residents and businesses outside of the governor’s proposed two-year property taxes freeze.
• Creating a property tax “circuit breaker” to provide tax relief based the ability to pay for households earning up to $200,000.
• A refundable personal income tax credit, which takes into account a family’s size, available to renters with incomes below $100,000.
Further reading and viewing
To watch the entire 2014 State of the State address, or read the transcript of Gov. Andrew Cuomo's remarks, and view the governor's power point presentation, check out our blog post by clicking here.
• Eliminating the corporate tax rate for Upstate manufacturers.
• Increasing the estate tax exemption threshold to match the federal government, along with lowering the top rate to 10 percent over four years.
• Holding a fourth round of Regional Economic Development Council awards, with a focus on incorporating global marketing and export strategies.
• Create the state Adventure License, which is a driver’s license including optional icons for all a person’s lifetime state licenses.
• Create 50 new access projects to connect hunters, anglers, bird watchers and other outdoor enthusiasts to untapped state-owned lands.
• Launching a medical marijuana research program, through executive order, allowing up to 20 hospitals to provide marijuana to patients being treated for serious illnesses.
• Continuing push for passage of the Women’s Equality Act, which was introduced in the spring of 2013. The main point of contention has surrounded language protecting abortion rights.
• Ethics reform including new anti-bribery and corruption laws, public financing of elections, independent enforcement and oversight at the Board of Elections, and disclosure of outside clients with business before the state.