ALBANY, N.Y. (AP) — Gov. Andrew Cuomo's "tax-free" program for businesses may not be so free for New Yorkers after all.
A state fiscal report shows Cuomo's plan to allow companies and their employees to avoid all state taxes for 10 years if they come to New York is now expected to cut $323 million from the state's projected tax revenues over three years.
According to Cuomo's budget office report, the lost revenue would be the result of companies that would have come to New York and paid full taxes, but instead participated in the tax-free program.
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