State officials say New York’s income tax receipts are down more than $2 billion so far, and Democratic Gov. Andrew Cuomo is placing the bulk of blame on the effects of last year’s Republican-led federal tax cuts.
Gov. Cuomo says at a state Capitol news conference Monday that the federal law capping a deduction for state and local taxes at $10,000 is the main culprit for a projected $2.3 billion deficit.
Cuomo, joined by Democratic Comptroller Thomas DiNapoli (dee-NAP’-oh-lee) and budget director Robert Mujica (moo-HEE’-kuh), says he’ll be making adjustments in the $175 billion state budget proposal he unveiled last week. The governor didn’t provide specifics. He has until mid-February to make budget amendments.
Democrats in Albany had warned that the tax cuts would hurt predominantly Democratic states such as New York.