Gov. Andrew Cuomo is proposing a change to state law that he says would lower taxable income for an estimated 4,000 farmers and sole proprietors.
The proposal would affect farmers who have less than $250,000 in net business income or net farm income.
Currently, those farmers can reduce their adjusted gross income by 5 percent, reducing the amount of money they have to pay state taxes on.
Cuomo, a Democrat in his third term, wants to triple that reduction to 15 percent — further reducing the farmers’ taxable income. He made the announcement Wednesday as part of his State of the State message.
The state Legislature would have to approve the proposal, likely as part of the state’s annual budget. The legislative session begins Thursday.