Governor Cuomo sets a foundation for a big tax transformation.
Gov. Andrew Cuomo in a statement Wednesday called the 33-page report released by the Department of Taxation and Finance a “foundation” for moving forward with a possible overhaul of the state’s tax structure.
The report released earlier in the afternoon presents a menu of potential options for the creation of a statewide payroll tax that could either replace or exist alongside the current personal income tax.
The tax is being proposed after a federal tax law capped state and local tax deductions at $10,000.
Another option outlined in the report would be the creation of a charitable entity that would allow taxpayers to contribute and deduct.
The money would go toward providing essential state services.
“The federal tax plan is a devastating and targeted attack on New Yorkers that threatens the economic competitiveness of our state,” Cuomo said. “I thank the state Department of Taxation and Finance for their hard work and diligence in developing this report. With this blueprint as a foundation, we will work with experts, the Legislature, employers, taxpayers, and other stakeholders to develop and implement changes to the tax code that protect all New Yorkers.