Cuomo also said he intends to create state charitable funds for education and health care, which would allow individuals to get state tax credits for their donations. This would mitigate the impact of the federal tax plan on high-income earners, he said. California and New Jersey officials are considering similar proposals.
The governor also proposed deferring tax credits for companies that receive $2 million or more in credits for one year, which would raise $300 million in state revenue, he said. The federal tax changes -- which cut the corporate tax rate to 21 percent from 35 percent -- will more than make up for that change, he said.
“They weren’t expecting the tax cut; they got the tax cut,” Cuomo said. “It’ll more than offset the deferral of our credits.”
This article was provided by Bloomberg News.