Cuomo also said that the new lower state tax rates will save middle-class taxpayers almost $6.6 billion in the first four years, and annual savings are projected to reach $4.2 billion and benefit six million filers by 2025.
Part of Cuomo's agenda past year was divesting the state's retirement fund from significant fossil fuel investments.
The changes are part of measures Governor Andrew Cuomo plans to announce January 3rd during his State of the State Address.
Cuomo, widely seen as a potential contender for the Democratic presidential nomination in 2020, said the provision is "violative of states rights and the principle of equal protection".
Cuomo, who controls the MTA, bears statutory responsibility for the extravagance-as well as for the special-interest-driven work rules and management practices that have hamstrung public-works reinvestment all across the state.
Unshackle Upstate Executive Director Greg Biryla said the organization shares Cuomo's concern about property taxes, but said there were no solutions offered to alleviate the situation.
"The overall incoherence of the bill is real, so I'm sympathetic to New York's claims", said professor Darien Shanske of the University of California Davis School of Law.
Also, New York has a progressive income-tax system where higher income residents pay more in taxes.
Cuomo is also considering creating additional charitable organizations so contributions to those organizations can be tax deductible. "With a projected $4 billion budget deficit, we will have to make important decisions this legislative session". "We have already started implementing the things we said we were going to do such as sharing human resources services and IT services".
However, I believe that Governor Cuomo's assessment of the state of our state was flawed in several ways.
Jennifer Abelaj, senior counsel in the trusts and estates practice group at Davidoff Hutcher & Citron LLP, told Bloomberg Tax in an email that Cuomo's plan is "an aggressive attempt to attack the tax bill directly and indirectly".
"Without methods to store the energy and dispatch it when and where it is needed, NY will face challenges integrating and maximizing the benefits of these clean resources", according to a summary of Cuomo's proposals.
He spoke about the affordable housing and homelessness crisis we face across the state while threatening to freeze funds for localities that he feels are not doing enough to combat the crisis, ignoring all of the work that we have done in New York City and threatening, in effect, to make that work for more hard.
"I'm glad the governor is looking for creative alternatives that may provide a solution", he continued. But while New Yorkers in and out of government are free to practice business as usual, it's a little over the top to expect outsiders to play that game, too.
He also touted his plan to implement a statewide payroll tax system as an "encouraging idea".