The Gramm bill doesn't
include business tax cuts such as the NAR - backed shortened depreciation period for tenant leasehold improvements.
Not exact matches
GAAP diluted earnings per share of $.39
includes restructuring expenses of $ 0.72 per share related to the wind energy pitch control
business and $ 0.05 per share charge related to the
Tax Cuts and Jobs Act;
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook
include, but are not limited to, the following: 1) our ability to continue to grow our
business and execute our growth strategy,
including the timing, execution, and profitability of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial,
business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts,
including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost of accommodating, announced increases in the build rates of certain aircraft; 6) the effect on aircraft demand and build rates of changing customer preferences for
business aircraft,
including the effect of global economic conditions on the
business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result of global economic uncertainty or otherwise; 8) the effect of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein,
including fluctuations in foreign currency exchange rates; 9) the success and timely execution of key milestones such as the receipt of necessary regulatory approvals,
including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation of our announced acquisition of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt,
including our ability to obtain the debt to finance the purchase price for our announced acquisition of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect of changes in
tax law, such as the effect of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations in foreign current exchange rates, impositions of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other thin
tax law, such as the effect of The
Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations in foreign current exchange rates, impositions of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other thin
Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue,
including our ability to successfully integrate the Asco
business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to
business relationships and other
business disruptions for ourselves and Asco as a result of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing
business internationally,
including fluctuations in foreign current exchange rates, impositions of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
Such risks, uncertainties and other factors
include, without limitation: (1) the effect of economic conditions in the industries and markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein,
including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction and in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions and natural disasters and the financial condition of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (3) the scope, nature, impact or timing of acquisition and divestiture or restructuring activity,
including the pending acquisition of Rockwell Collins,
including among other things integration of acquired
businesses into United Technologies» existing
businesses and realization of synergies and opportunities for growth and innovation; (4) future timing and levels of indebtedness,
including indebtedness expected to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending,
including in connection with the pending Rockwell Collins acquisition; (5) future availability of credit and factors that may affect such availability,
including credit market conditions and our capital structure; (6) the timing and scope of future repurchases of United Technologies» common stock, which may be suspended at any time due to various factors,
including market conditions and the level of other investing activities and uses of cash,
including in connection with the proposed acquisition of Rockwell; (7) delays and disruption in delivery of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new
business and investment opportunities; (10) our ability to realize the intended benefits of organizational changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate,
including the effect of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect of changes in
tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other conditions to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the market price of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation of their businesses while the merger agreement is in effect; (21) risks relating to the value of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personn
tax (
including U.S.
tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other conditions to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the market price of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation of their businesses while the merger agreement is in effect; (21) risks relating to the value of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personn
tax reform enacted on December 22, 2017, which is commonly referred to as the
Tax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other conditions to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the market price of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation of their businesses while the merger agreement is in effect; (21) risks relating to the value of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personn
Tax Cuts and Jobs Act of 2017), environmental, regulatory (
including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other conditions to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement,
including in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the market price of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation of their
businesses while the merger agreement is in effect; (21) risks relating to the value of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
[After Carter] Reagan came in and did a lot of things,
including cutting tax rates — both corporate and personal
tax rates — tried to slow the growth of regulation that was strangling
business.
The president and others in the meeting,
including myself, agree that extending
tax cuts for 98 percent of Americans is a way to keep small
businesses moving forward.
Early in his term, he pushed through a $ 1.6 billion
tax cut for
businesses, offset by $ 1.4 billion in
tax increases on individuals —
including taxing pensions and Social Security benefits.
Christie often points to his administration's «partnership» with
business,
including deregulation,
tax cuts and incentives.
Most individual provisions,
including the lower
tax rates, are temporary and would expire, while the corporate rate
cut and other
business provisions would be permanent.
And the government
cut taxes on a selection of retail products
including pasta and stoves — all good for domestic
business.
That
includes the increased child
tax credit, the doubled standard deduction, the estate
tax cut, repeal of the alternative minimum
tax, and even the
tax break for pass - through
business income.
Trump has also proposed a deep
cut in the corporate
tax rate — from 35 to 15 percent — and expanded it to
include not just corporations, but also small
businesses and, notably, other conglomerates like Trump's own real estate empire.
NDP commitments
include a two point
cut in the small
business tax rate (already implemented by the Conservatives); extension of the accelerated capital cost allowance for two years (already implemented by the Conservatives (but with a different phase in); an innovation
tax credit for machinery used in research and development; an additional one cent of gas
tax for the provinces for infrastructure; a transit infrastructure fund; increased funding for social housing; a major child care initiative; and, increasing ODA funding to 0.7 per cent of Gross National Income (GNI).
NDP promises
include a two point
cut in the small
business tax rate (already implemented in the budget by the Conservatives); extension of the accelerated capital cost allowance for two years (also already implemented by the Conservatives); an innovation
tax credit for machinery used in research and development; an additional one cent of gas
tax for the provinces for infrastructure; a transit infrastructure fund; increased funding for social housing; a major child care initiative; increasing ODA funding to 0.7 per cent of Gross National Income (GNI); and restoring the 6 % annual escalator to the Canada Health Transfer.
Instead, they offer piece meal «nickel and dime» strategies
including cutting small
business taxes (not helpful)-RRB-, providing renovation
tax credits in the future (definitely not helpful), extending accelerated depreciation on
business investment (hasn't helped so far), and new incentives for research and innovation (very expensive incentives already exist).
The framework proposes a number of specific changes
including: consolidating and reducing individual income
tax rates to 10, 25, and 35 percent; doubling the standard deduction; cutting the business tax rate to 15 percent on both corporations and pass - through businesses; repealing the Alternative Minimum Tax (AMT) and estate tax; repealing the 3.8 percent investment surtax from the Affordable Care Act («Obamacare»); moving to a territorial tax system; and imposing a one - time tax on money held overse
tax rates to 10, 25, and 35 percent; doubling the standard deduction;
cutting the
business tax rate to 15 percent on both corporations and pass - through businesses; repealing the Alternative Minimum Tax (AMT) and estate tax; repealing the 3.8 percent investment surtax from the Affordable Care Act («Obamacare»); moving to a territorial tax system; and imposing a one - time tax on money held overse
tax rate to 15 percent on both corporations and pass - through
businesses; repealing the Alternative Minimum
Tax (AMT) and estate tax; repealing the 3.8 percent investment surtax from the Affordable Care Act («Obamacare»); moving to a territorial tax system; and imposing a one - time tax on money held overse
Tax (AMT) and estate
tax; repealing the 3.8 percent investment surtax from the Affordable Care Act («Obamacare»); moving to a territorial tax system; and imposing a one - time tax on money held overse
tax; repealing the 3.8 percent investment surtax from the Affordable Care Act («Obamacare»); moving to a territorial
tax system; and imposing a one - time tax on money held overse
tax system; and imposing a one - time
tax on money held overse
tax on money held overseas.
All told, these three laws contain eight different small
business tax cuts,
including the exclusion of up to 75 % capital gains on key small
business investments, a
tax credit for the cost of health insurance for small
business employees, and new
tax credits for hiring Americans who had been out of work for at least two months.
The law contains several provisions favorable to
businesses,
including a
cut in the corporate income -
tax rate to 21 %, down from 35 %; the ability to write off qualified investments in new facilities right away, rather than over several years; and the potential for a 20 % income deduction for small -
business owners who own companies via pass - through entities.
The already announced and completely unnecessary (and costly)
cut to the small
business tax rate was also
included, as were the re-announcement of the government's very messed up changes to CCPCs.
The final legislation released by Republicans on Friday follows the broad strokes of the previous House and Senate bills, providing deep and longstanding
tax cuts for
businesses,
including a corporate
tax rate of 21 percent, down from the current 35 percent.
Connecticut and its taxpayers would see some benefits and some challenges if Congress adopted
tax reform measures —
including cuts for wealthy families,
business owners and wage earners — that President Donald Trump is likely to propose Wednesday.
A pre-election report from the Toronto Region Board of Trade says Ontario
businesses face challenges
including high labour costs and energy prices, and urges the next government to
cut property
taxes to help keep companies competitive.
«It is our responsibility as a Party during these final days of the campaign to ensure we focus on the issues of utmost importance to New Yorkers,
including those Carl Paladino addressed last week, such as job creation;
cutting state spending by 20 - percent and
taxes by 10 - percent; and making New York affordable for our children, our
businesses and our families.»
Skelos and company received high marks from the council, which based its 2012 voter guide on the Tier Six pension overhaul bill, wage - theft prevention act changes and the one - house NY Jobs bill that
included a package of
business tax cuts among other measures.
Cuomo's aides also pointed out many steps that they say made the session a good one for
business,
including a
tax cut that they say will provide relief to nearly a million small
businesses, and «record» investments in roads, bridges and public transportation.
Gov. Andrew Cuomo unveiled a proposal Sunday focusing on small
businesses,
including a
tax cut for small
businesses and a one - stop shop for co...
He did propose some interesting new particulars that reinforce his hybrid approach,
including access to marijuana for medical uses and
tax cuts for
businesses.
The activist wing of the WFP had raised concerns over Cuomo's fiscal policies,
including his support for
tax cuts aimed at
businesses and property owners, as well as his embrace of charter schools.
The governor's budget, which
includes a 3.1 percent increase in school aid, a two - year property
tax freeze and phased - in
business tax cuts, offers something for everyone in a year where Cuomo and all 213 members of the legislature are up for reelection.
There's also a
tax cut package that
includes the distribution of $ 350 rebate checks to middle class families with children, to be distributed shortly before elections, as well as small
business tax cuts.
The governor is expected to detail a more than $ 2 billion
tax cut plan that
includes business tax reductions and a multi stepped plan to freeze property
taxes for two years.
Recently at the
Business Council of New York State's annual meeting, business leaders conceded that the $ 15 an hour minimum wage phase in is likely to be approved by the legislature, and they said they were seeking sweeteners in the legislation to mitigate its effects including new business tax cuts and a youth employme
Business Council of New York State's annual meeting,
business leaders conceded that the $ 15 an hour minimum wage phase in is likely to be approved by the legislature, and they said they were seeking sweeteners in the legislation to mitigate its effects including new business tax cuts and a youth employme
business leaders conceded that the $ 15 an hour minimum wage phase in is likely to be approved by the legislature, and they said they were seeking sweeteners in the legislation to mitigate its effects
including new
business tax cuts and a youth employme
business tax cuts and a youth employment fund.
This
includes a plan to offer a
tax credit that
cuts tolls in half for the New York residents and
businesses who utilize the Thruway most often — benefitting nearly one million passenger,
business and farm vehicles using E-Z Passes; eliminating tolls for agricultural vehicles; and keeping tolls flat until at least 2020 for all other drivers.
The governor's budget, which
includes a 3.1 percent increase in school aid, a two - year property
tax freeze and phased in
business tax cuts, offers something for everyone in a year where Cuomo and all 213 members of the legislature are up for reelection.
«We're looking for ways to soften the blow,» said Briccetti who says ideas
include small
business tax cuts and special rules for youths seeking entry - level jobs.
ALBANY, N.Y. (CBSNewYork / AP)-- Gov. Andrew Cuomo will give his State of the State address Wednesday, but he has already previewed much of his 2015 agenda,
including a minimum wage hike, small -
business tax cut and a statewide campus sexual consent policy.
We have put forward a 5 point plan to get demand and growth back into our economy —
including tax breaks for small
businesses taking on extra workers, a temporary VAT
cut, and a
tax on bank bonuses to fund 100,000 jobs for young people.
Cuomo last month proposed a $ 154 billion budget that
includes a package of
tax cuts aimed at small
businesses.
The small
business tax cuts unveiled by Cuomo in Rochester were also panned by some of those targeted to benefit,
including the owner of a Binghamton accounting firm who called them «more window dressing than substance.»
The governor is expected to detail a more than $ 2 billion dollar
tax cut plan that
includes business tax reductions and a multi stepped plan to freeze property
taxes for two years.
Mr. Cuomo's embrace of the millionaires»
tax comes after years of
cutting other types of
taxes —
including those on
businesses and in manufacturing — and was coupled with a plan to slice rates on the middle class, part of a recent leftward tilt that has prompted speculation about his future plans.
Governor Andrew Cuomo has spent the days leading up to this joint State of the State and budget message rolling out a number of new programs and proposals,
including an anti poverty agenda that
includes raising the minimum wage, and
tax cuts for small
businesses.
The budget also
includes $ 240 million to give a break in Thruway tolls to frequent travelers, and a $ 300 million
cut in
taxes for small and medium - sized
businesses.
New York Governor Andrew Cuomo's
Tax Commission is recommending a $ 2 billion package that
includes a temporary freeze on property
taxes, and a
cut in
business taxes.
'' The agreement
includes support for a comprehensive New York Works Agenda that will create thousands of jobs with new investments in New York's infrastructure; passing a fair
tax reform plan that achieves the first major restructuring of the
tax code in decades, resulting in a
tax cut for 4.4 million middle - class New York taxpayers; approving $ 50 million in additional relief for areas devastated by recent floods; and reducing the MTA payroll
tax to provide relief for small
businesses.»
I am very disappointment that a much - discussed property
tax relief measure called a circuit breaker was not
included in the budget framework nor was a
cut in the small
business income
tax rate.
The potential is for upwards of $ 2 billion for his
tax cut package that
includes proposed reductions for property owners,
businesses, renters and upstate manufacturers.
A spokesman for the governor counters that Cuomo has a number of items in his budget aimed at helping
businesses,
including a
cut in corporate
taxes and elimination of upstate manufacturing
taxes, as well as recent reductions in the personal income
tax for
businesses making under $ 1 million a year.
The agreement
includes support for a comprehensive New York Works Agenda that will create thousands of jobs with new investments in New York's infrastructure, passing a fair
tax reform plan that achieves the first major restructuring of the
tax code in decades resulting in a
tax cut for 4.4 million middle class New Yorkers taxpayers, approving $ 50 million in additional relief for areas devastated by recent floods, and reducing the MTA payroll
tax to provide relief for small
businesses.
The
cuts made to the payroll
tax that affects suburban commuters
includes exemptions for parochial and private schools and
businesses with payrolls under $ 1.25 million.