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Cuomo Seeks Tax Cut For More Than A Million Small Businesses

New York Governor Andrew Cuomo is proposing a series of small business tax cuts as one of his top priorities in 2016.

The Democratic governor will push to reduce the corporate tax rate for small businesses that make less than $390,000 in net income.

Cuomo also wants to give relief to small businesses that pay the personal income tax rate by increasing and expanding a tax break now limited to sole proprietorships and farms.

The proposals were first reported by the Associated Press on Tuesday. Together, the two tax cuts would impact more than 1 million businesses around the state, saving them nearly $300 million annually.

The governor plans to detail his proposals next week during his annual state of the state address in Albany.

© 2016 AP

Dave Lucas is WAMC’s Capital Region Bureau Chief. Born and raised in Albany, he’s been involved in nearly every aspect of local radio since 1981. Before joining WAMC, Dave was a reporter and anchor at WGY in Schenectady. Prior to that he hosted talk shows on WYJB and WROW, including the 1999 series of overnight radio broadcasts tracking the JonBenet Ramsey murder case with a cast of callers and characters from all over the world via the internet. In 2012, Dave received a Communicator Award of Distinction for his WAMC news story "Fail: The NYS Flood Panel," which explores whether the damage from Hurricane Irene and Tropical Storm Lee could have been prevented or at least curbed. Dave began his radio career as a “morning personality” at WABY in Albany.