Published: Tue, January 16, 2018
Business | By Max Garcia

Gov. Cuomo Proposes Study of Recreational Marijuana Legalization

Some are calling Cuomo's idea to shift how New Yorkers pay taxes a risky end-run on the new federal law.

Cuomo said the state Department of Taxation and Finance is preparing a preliminary report to be released Wednesday on how best to proceed.

In his 2018 Executive Budget Address, Governor Cuomo announced New York State will launch a study examining the plausibility of legalizing marijuana.

Giambra wants NY to legalize marijuana sales to adults, heavily supervised and heavily taxed to replace what he calls the current black market of private sales of pot.

The idea of the program, supported by Democratic Gov. Andrew Cuomo, is to reduce the local tax burden by eliminating layers of bureaucracy and encouraging more efficiency.

Among Cuomo's proposals to increase revenue for his $168 billion budget were new surcharges on opioid manufacturers, a deferral on some corporate tax credits and a plan to close the carried interest loophole.

"We are doing everything we can to thwart the effects of the federal plan", Cuomo said Tuesday.

NY is facing a projected $4-billion dollar deficit this year and a $2 billion in federal health care cuts. The deficit for the coming year is projected at $4.4 billion, which Cuomo attributes to weaknesses in tax receipts.

The governor additionally said that a payroll mobility tax that already goes the state should instead go directly to the MTA. "And make no mistake, they are aiming to hurt us".

He's said he's considering tax changes to offer relief to taxpayers who will pay more under the new federal tax code, which significantly limits a deduction for state and local taxes.

He has repeatedly bashed the tax plan as harmful to New Yorkers.

"The solution is to lower the cost of government in NY and make our state a place where businesses can create jobs so our people don't have to flee", Rep. John Faso, R-Kinderhook, Columbia County said.

Like this: