The focus of our practice is civil and criminal taxpayer representation, and we see many taxpayers in Greenwich, Connecticut and New York who are struggling with back tax burdens.
New York Gov. Andrew M. Cuomo has announced details of a more-than-$2-billion tax relief proposal that targets corporate (franchise) income, personal income, property, and estate taxes, as well as the temporary utility assessment, and is designed to increase economic opportunity and attract and grow businesses across the state. The plan also includes simplification of the tax code. Key points of the proposal are:
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the elimination of the corporate income tax on upstate manufacturers;
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a refundable credit against corporate and personal income taxes for manufacturers that would be equal to 20% of a firm’s annual real property taxes;
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a two-year freeze on property taxes;
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a property tax “circuit breaker,” based on a taxpayer’s ability to pay;
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a refundable personal income tax credit for those who rent their homes;
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estate tax reform; and
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the elimination of the 2% temporary utility assessment surcharge levied on commercial electric, gas, water, and steam utility bills for industrial customers and acceleration of the phaseout for remaining customers.
The governor also recommended that the state merge the bank tax into the corporate (franchise) income tax and lower the rate to 6.5%.
If you have any questions about tax issues in Greenwich, Connecticut, New York or elsewhere please feel free to contact me at (203) 285-8545 or by email at egreen@gs-lawfirm.com.
243 Tresser Boulevard, 17th Floor
Stamford, CT 06901
Ph. (203) 285-8545 x 102
Fax (203) 286-1311
New Haven, CT • Stamford, CT • New York, NY
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