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What you need to know for 08/22/2017

Cuomo proposes simplifying NY tax code

Cuomo proposes simplifying NY tax code

Gov. Andrew Cuomo says he wants to simplify New York's tax code.

ALBANY — Gov. Andrew Cuomo says he wants to simplify New York's tax code.

The governor wants to rid the code of provisions he calls a nuisance, such as the boxing and wrestling exhibitions tax, a tax on agricultural cooperatives and the stock transfer tax.

The proposals are part of a larger tax effort unveiled Monday that includes corporate income tax cuts and property tax freezes.

Cuomo says he also wants to raise the threshold for the filing of a personal income tax return from $4,000 to the level of the taxpayer's standard deduction. He said that would eliminate the need for 270,000 taxpayers to file a return.

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