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State Leaders Predict US Senate’s Tax Bill Even Worse For New York

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ALBANY (WSKG) – Now that the US House of Representatives has voted for a tax overhaul plan that some state leaders say will harm New York, the action moves to the Senate, where a vote is expected after Thanksgiving.  Governor Cuomo, Senator Chuck Schumer and other top state Democrats say the Senate plan is potentially even worse for New York.  The House plan ends the deduction for state and local income taxes, but allows the deduction of property taxes up to $10,000. The Senate bill omits even that limited deduction. Cuomo says New Yorkers will pay more to finance the main portion of the tax overhaul, the reduction in taxes on large companies. “They’re using New York as a piggy bank to finance the corporate tax cut. It’s disgusting.

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Last Minute Lobbying Of Congress Members Helps Pass GOP Tax Bill

The mayor of Binghamton texted Southern Tier Congresswoman Claudia Tenney (R-New Hartford) about his worries with the bill – worries that she shared. But it wasn’t until US Vice President Mike Pence called her Wednesday afternoon that Tenney finally decided to help pass it. The sticking point? The elimination of a state and local tax deduction – or SALT. The SALT deduction allows taxpayers to offset the burden of state and local taxes by deducting them on their federal return. It protects against “double taxation.”

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Binghamton Mayor David: GOP Tax Plans “Unfair” To New York

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Binghamton Mayor Rich David is joining the chorus of lawmakers who oppose the Republican tax plans in Congress. David said the plan is unfair to New Yorkers, especially the limit to state and local tax deductions (SALT). The SALT deduction allows taxpayers who itemize their taxes to deduct their state and local taxes on their federal return. This helps offset the burden in high tax states like New York. This is something that we’re very concerned about,” David said. “When the city, the county the school district talk about how to provide tax relief, with regard to our own budgets, it is counterproductive then at the federal level when you eliminate deductions that are very important to local taxpayers.”  David said the deduction protects people from double taxation.

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Ending Historic Tax Credits Would Harm Cities, Says Cuomo Official

ALBANY (WSKG) – The state’s top economic development official says a plan in Congress to eliminate the historic tax credit program  would harm efforts to revitalize cities in New York. Empire State Development Chair Howard Zemsky , testifying at an Assembly hearing,  says the tax incentives have been used to rehab crumbling historic buildings into shops and living spaces, and “have had a huge impact on driving economic development” . The program gives developers a tax rebate of 20% for five years after the projects are completed. Zemsky says it’s misguided to end the subsidies. “It has a disproportionately negative impact on older cities and upstate cities,” Zemsky said.

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Cuomo Condemns Federal Tax Overhaul As VEEP Visits Western New York

ALBANY (WSKG) – Governor Cuomo joined other New York Democrats in condemning the federal tax overhaul plan in the wake of Vice President Mike Pence’s visit to Western New York.   Cuomo, also speaking in Buffalo where the VP was  attending a fundraiser for Representative Chris Collins, said a provision in the tax overhaul to eliminate deductibility for state and local taxes would deliver a “death blow” to New York. He says it would result in “double taxation” and be a windfall for other states at New York’s expense. “It’s Washington’s attempt to cut taxes in other parts of the country by using New York as a piggy bank,” said Cuomo “And that is something we cannot allow to happen.” Cuomo says the proposal hits New York hard because the state has “some of the highest property taxes” in the nation. The governor’s remarks come as the conservative group the Tax Foundation, ranked New York  number two for the worst business climate in the country, behind only New Jersey.