Gov. Andrew Cuomo was in Rochester to announce proposals for new small business tax cuts, and a $100 million Upstate New York downtown revitalization plan, in advance of his 2016 State of the State address, and budget rollout, Jan. 5.
Cuomo’s proposal includes an increase in small business tax cuts, by reducing the net income tax rate from 6.5 percent to 4 percent for small businesses, which would go into effect January 1, 2017.
He said the reduction would allow small businesses to increase the amount of income they can exclude when filing their taxes.
According to Cuomo’s office, the plan would affect over one million small businesses throughout New York state.
The governor has also proposed a new downtown revitalization initiative, in which upstate New York communities would compete for state funds in order to revitalize urban centers.
He said the ten winners who come up with the most creative ways to improve their downtown areas would receive $10 million each from the fund, similar to the Upstate Revitalization Initiative awards the state doled out last month.
Cuomo announced the new proposals on the heels of his proposal to raise New York’s minimum wage to $15 per hour, statewide, which he pushed at a labor rally in New York City, Jan. 4.
“If we get this budget passed, we’re not just going to rebuild Rochester,” the governor said. “We’re going to leave our children a Rochester that never was.”
According to Gov. Cuomo, he also has plans for another round of $750 million in Regional Economic Development Council Awards, which will also be a part of his upcoming budget proposal Jan. 13.