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| Year 2000 Tax Cuts |
For the sixth consecutive year New York State returned record refunds to taxpayers. Governor Pataki cut 19 different taxes a total of 58 times, saving taxpayers $40 billion through State Fiscal Year (SFY) 2000-2001 which will save taxpayers more than $100 billion when fully phased in.
At the same time taxes have been cut, total revenue collections rose from $32.2 billion in SFY 95-96 to $38.3 billion in SFY 99-00; an increase of 19 percent.
The most recent tax cuts signed into law by Governor Pataki include:
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An increase of the earned income credit for personal income tax filers from 20 percent of the federal credit in tax year 1999 to 30 percent by tax year 2003. |
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A reduction in the bank tax rate from 9 percent to 7.5 percent. |
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A permanent state sales tax exemption on clothing items costing less than $110 per item. |
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A reduction in the insurance tax rate from 9 percent to 7.5 percent and a premium cap rate for some companies from 2.6 percent to 2.0 percent. |
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A reduction in the corporate franchise alternative minimum tax rate from 3 percent to 2.5 percent. |
These individual and business tax cuts have helped to make New York more competitive in the global marketplace.
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Last Modified: May 7, 2002
