New York – Proposed Budget Includes Tax Credits

SALT Report 1354 – New York Governor Andrew Cuomo has released his 2012-2013 executive budget which is a pro-growth budget without broad cuts, new taxes, fees or borrowing and contains sales and use, motor fuels, and other tax provisions.

The proposed budget would:

  • Expand the criteria for refusing to issue sales tax certificates of authority
  • Extend the fees for the establishment of oil and gas unit of production values
  • Enact the STAR property tax benefit recovery program for unpaid tax liabilities
  • Reform the tobacco products excise tax
  • Extend the alternative fuels tax exemptions for five years
  • Make technical amendments to the tax classification of diesel motor fuel
  • Make permanent certain modernization provisions of the Tax Law
  • Expand the sales tax exemption for solar energy systems equipment and expand the income tax credit for such systems
  • Extend the Empire State commercial production tax credit for five years
  • Extend the biofuel production tax credit through the 2019 taxable year, and
  • Extend the lower metropolitan commuter transportation mobility tax rates for employers to professional employer organizations

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