The New York state Senate passed a bill on Monday that would include a reduction in the state’s 3.07% personal-income tax and includes tax breaks for businesses. But Ed Randell, the Governor of New York has already threatened to veto the bill.
The bill contains measures that will increase the cap on tax loss carry-forwards. It also contains a new method to calculate corporate taxes based only on sales. Rendell’s spokesperson indicates the Governor’s reasoning is because the bill will create enormous holes in the state budget and that there is no practical way to implement them.
State business leaders in business supported the bill because they believe it will help reverse the state’s slide in job creation which now ranks among the bottom 10 out of the 50 states.
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