Governor Cuomo made the following statement on the Tax Foundation’s projected improved ranking of New York State’s corporate tax system from 25th to 4th best in the country based on the reforms recently passed in the 2014-2015 Budget:
“This year’s budget builds on positive reforms included in our three prior budgets, which have greatly improved the business and tax climate in the state and changed the trajectory of New York’s economic standing. This dramatic improvement, demonstrated by the upward progress in today’s Tax Foundation report, serves as further proof that after decades of decline, New York is reclaiming its reputation as a great place to do business. My administration has placed a premium on making it as easy as possible to start or expand businesses in the Empire State, creating jobs and stimulating the economy, and the 2014-2015 budget continues that progress by providing tax cuts for manufacturers throughout the state, lowering the corporate tax rate to the lowest rate since 1968 and reforming the estate tax – all while holding spending growth below two percent.
“Our strategy is working and today’s news is proof positive that the “new” New York is Open for Business. And when New York is economically competitive, we all win.”