Thanks to a $2 billion state surplus, New York Governor Andrew M. Cuomo announced yesterday that manufacturers will benefit from this positive economic status.
“Over the past three years, we have made unprecedented progress toward curbing the rise of taxes and government spending in New York, transforming a state budget with a $10 billion deficit to a $2 billion surplus,” Governor Cuomo said.
So what do manufacturers get?
Governor Cuomo proposes a refundable credit against corporate and personal income taxes that would be equal to 20% of a firm’s annual real property taxes. This credit would provide $136 million in tax relief to the manufacturing sector.
These measures are taken to provide incentives to make New York a “more attractive place for firms to locate their operations.”
There is a special emphasis on Upstate manufacturing with the proposal providing an additional $25 million in tax relief for Upstate businesses.
New York has been making great strides and was recently ranked #6 on the list of "Most Innovative States" based on the fact that it invests 8.4% of its budget on R&D efforts.
And the past summer the state created a hub for ''Smart Cities' technologies.