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Cuomo's jobs program cuts projected tax take $323M
ALBANY, N.Y. (AP) - Gov. Andrew Cuomo's plan to give companies and their employees tax-free lives for 10 years if they come to New York is now projected to cut more than $300 million from the state's tax revenue over three years.
Although Cuomo said his plan to boost the economy wouldn't cost New Yorkers, a new budget projection released Friday night reflects a loss of $323 million in anticipated revenue over three years.
That reflects the loss of revenue from tax-paying jobs the state budget office expected would have come to New York, but will instead be covered by the tax-free program.
The Cuomo administration insists Monday there is no cost to New Yorkers and the bold jobs program will spur growth in communities.