Manufacturing Savvy

New York's Budget Surplus Good News for Manufacturers

Jan. 7, 2014

Thanks to a $2 billion state surplus, New York Governor Andrew M. Cuomo announced yesterday that manufacturers will benefit from this positive economic status. “Over the past three years, we have made unprecedented progress toward curbing the rise of taxes and government spending in New York, transforming a state budget with a $10 billion deficit to a $2 billion surplus,” Governor Cuomo said. So what do manufaturers get?

Adrienne Selko Blog

Thanks to a $2 billion state surplus, New York Governor Andrew M. Cuomo announced yesterday that manufacturers will benefit from this positive economic status.

“Over the past three years, we have made unprecedented progress toward curbing the rise of taxes and government spending in New York, transforming a state budget with a $10 billion deficit to a $2 billion surplus,” Governor Cuomo said.

So what do manufacturers get?

Governor Cuomo proposes a refundable credit against corporate and personal income taxes that would be equal to 20% of a firm’s annual real property taxes. This credit would provide $136 million in tax relief to the manufacturing sector.

These measures are taken to provide incentives to make New York a “more attractive place for firms to locate their operations.”

There is a special emphasis on Upstate manufacturing with the proposal providing an additional $25 million in tax relief for Upstate businesses.

New York has been making great strides and was recently ranked #6 on the list of "Most Innovative States" based on the fact that it invests 8.4% of its budget on R&D efforts.

And the past summer the state created a hub for ''Smart Cities' technologies.

About the Author

Adrienne Selko Blog | Senior Editor

Focus: Expansion Management & the Biotech & Life Sciences Industries

Email: [email protected]

Follow Adrienne on Twitter: @ASelkoIW

Call: 216-931-9235

Senior Editor Adrienne Selko manages IndustryWeek’s Expansion Management, delivering ideas and information about how successful manufacturers leverage location to gain competitive advantage. She explores the strategies behind why companies located their headquarters, research institutes, factories, warehouse and distribution centers and other facilities where they did, and how they benefit from the decision.

Adrienne is also the editorial coordinator of the IndustryWeek Expansion Management Roundtable events, which unites economic development professionals to network and discuss the latest trends in site location.

As well, Adrienne tells the stories of successful companies in the biotechnology and life sciences industries.

In the past, Adrienne has managed IndustryWeek’s award-winning website, overseeing eNewletters, webinars, and contributed content. Before joining the staff, Adrienne was managing editor of corporate publications at a large regional financial institution. She also ran a public relations and marketing company that published a best-selling healthcare book.

Adrienne received a bachelor’s of business administration from the University of Michigan and is especially interested in wellness and natural health.