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ALBANY -- Business tax cuts in New York’s 2014-15 budget when in full effect are deep enough to improve the state’s business climate, according to the nonpartisan Tax Foundation think tank.
The business tax cuts to be phased in would move New York to the fourth best business tax climate from its current ranking as 25th.
The state’s overall ranking in term of taxation would also improve slightly, to 48th, from last, according to the independent national organization.
“New York is not a low-tax state, and its economic success is because of strengths that overcome a challenging tax environment,” said Joseph Henchman, the Tax Foundation's vice president of state projects.
“High taxes need not also be complex or poorly structured taxes, however, and removing these obstacles will encourage job creation and economic activity,” he said. “New York’s 2014 corporate tax reform is an impressive step toward tackling this problem.”
The group said Cuomo had sought advice from the Tax Foundation in crafting the budget adopted by the Legislature on March 31.