Cuomo's budget plan misses the mark

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One plan the administration is floating is to shift the state income tax to a payroll tax, and allow businesses to then receive deductions from the federal government, since individuals can not do so.

More politically astute and seemingly more fiscally responsible, Joel Giambra believes New York's neglected subway system has "gone to pot" and that legal marijuana can help rehabilitate the states failing infrastructure.

Details on the study remain scarce, although the governor said the panel charged with conducting it would include representatives of state police to get the "facts" on marijuana legalization.

If that sounds a bit complicated, it is.

Senate Majority Leader John Flanagan, says he's concerned about converting the state income tax to a payroll tax.

Brean: "I can't imagine anyone watching that (would) object to paying no state income tax, but the problem might be is that it's another tax levied against the employer, which is a tax they wouldn't face if they were in a different state".

The report from the Taxation and Finance Department lays out a number of options for shifting income-tax costs to the employer payroll tax, which appears to acknowledge the complexity of such a move. "You have to make sure the money goes to the poorer schools in the poorest districts". New Jersey is also seen as a potential candidate under the state's new governor.

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Cuomo also called for a one-year deferral of tax credits for companies that have $2 million or more in credits, a step that would raise $300 million in revenue in FY 2019. "I don't think the bill passes". "The truth is that more than 85 percent of New Yorkers and small businesses will get the benefit of a tax cut under the new federal tax plan", he said in a statement. Curtis Sliwa, the founder of Guardian Angels - a group which fights against crimes on the New York City (NYC) subway, stated that Giambra stressed on the issue of legalizing marijuana during a meeting last week.

For the third consecutive year, Cuomo proposed a new tax structure for online marketplaces operated by Amazon, eBay and others.

"This is going to be challenging, my friends", Cuomo told lawmakers gathered at the state museum for the budget presentation. The IRS already quashed his first measure to allow New Yorkers to prepay property taxes [before taxes are assessed].

And regardless of where it ends up, the federal changes promise to put a dent in the pocketbooks of New York's taxpayers, at least those who lose out on the higher deductibility.

McMahon in a recent blog commentary said that "any attempt to broadly displace the (personal income tax) with a payroll tax would be fraught with mind-bending complications".

"We are in a tough time", Heastie said "We're going to try to do the best we can".

He said "converting state income tax payments into charitable contributions would be hard to do because, to be deductible contributions, they would have to be voluntary".

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