Created: 04/02/2014 3:12 PM WHEC.com
By: Associated Press
New York's new budget will cut business and estate taxes over the next several years, lowering the corporate tax rate to 6.5 percent in 2016 while raising tax exemptions for inherited wealth by about $1 million annually to $5.25 million in 2017.
With the Cuomo administration trying to shed the state's reputation for high taxes and complex regulations, the Legislature has adopted his main proposals and revised some, making the estate thresholds gradual followed by inflation indexing, but leaving that top tax rate at 16 percent.
For manufacturers, they agreed to establish a 20 percent property tax credit statewide and cut their corporate tax rate to zero. The administration originally proposed the zero rate for upstate New York.
Gov. Andrew Cuomo says the goal is trying to keep and attract business.