Gov. Cuomo’s bank tax relief proposal prompts rally in Great Neck

About a dozen Long Islanders rallied in front of a Great Neck bank to protest a proposed state tax cut.

The protesters are upset over millions of dollars in tax breaks that the banking industry would receive under Gov. Andrew Cuomo's proposed budget. They say earmarking banks for tax relief is absurd when there are other areas that need assistance.

"The top salaried people are making literally millions of dollars in bonuses every year," says Gene Lopez, of Wyandanch. "They're doing better now than ever. They don't need relief. We need relief."

In New York, banks are currently taxed at a higher rate than other corporations, but under Gov. Cuomo's budget, they would be taxed at the same rate. The result is that next year, banks would pay about $300 million less in taxes.

Cuomo defends the move, saying it will encourage banks to expand in New York and create jobs.

Political consultant Mike Dawidziak says Cuomo may also be looking ahead to a possible presidential run in 2016, saying the move could attract campaign contributions.

Administration officials deny such talk and say it's simply an attempt to make New York a more business-friendly state for all industries.

The governor is also proposing a cut in the corporate tax rate in New York for all businesses from 7.1 percent to 6.5 percent.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."