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State Legislature Approves Cuomo's Tax Plan

Story Published: Dec 8, 2011 at 7:30 AM EDT

Story Updated: Dec 8, 2011 at 7:36 AM EDT

New York lawmakers have passed legislation to revamp the state's income tax rates.
 
Following the state Senate's 55-0 approval Wednesday night, the Assembly has followed with a 130-8 vote.
 
The measure backed by Gov. Andrew Cuomo will charge millionaires more, but give 4.4 million middle-class residents a rare break worth $200 to $400 a year.
 
Those tax breaks will go to most households with annual earnings of $40,000 to $300,000, or single filers making $20,000 to $150,000 a year.
 
It includes a break in the New York City transit tax for small businesses, a public-private infrastructure repair fund, a tax break for manufacturers, and $50 million in aid to upstate communities trying to recover from historic flooding in the late summer.

- from the Associated Press

See a breakdown of the tax plan.
Monday, May 21, 2012
, Watertown, NY

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