ALBANY (AP) New York Gov. Andrew Cuomo is calling for a 4 percent small business tax cut, the latest in a flurry of proposals as he unveils his 2015 agenda.
Cuomo said Sunday that he wants to lower the tax rate for small businesses from 6.5 percent to 2.5 percent over a three-year period. When phased in fully the cut would reduce overall taxes by about $32 million for 42,000 taxpayers.
The new rate, if approved by state lawmakers, would be the lowest paid by small businesses since the tax was imposed in 1917.
Cuomo on Sunday called small businesses "an engine of opportunity.'' He says he also wants to create a small business office to streamline government licensing and connect businesses to support programs.
Cuomo delivers his state-of-the-state address Wednesday.
WXXI live coverage of the address begins at 1:30 pm.
