New York Cuts Income Taxes
Associated Press
ALBANY, N.Y. — The largest personal income tax cut package in New York history was signed into law today by Gov. Mario Cuomo, who also approved continuation of some consumer and business taxes.
The tax cuts will be phased in starting this year and will be implemented fully in the 1987 tax year. Cuomo said almost 500,000 low-income New York residents will be taken off the state’s tax rolls. New Yorkers are expected to save about $635 million in income taxes this year, $955 million in 1986 and $1.6 billion annually thereafter.
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