- Associated Press - Wednesday, April 2, 2014

Highlights of the business and estate tax changes accompanying the nearly $140 billion New York state budget negotiated by Gov. Andrew Cuomo and legislative leaders:

- Cuts the corporate tax rate from 7.1 percent to 6.5 percent in 2016.

- Raises the tax exemption for inherited wealth from $1 million to more than $2 million immediately while leaving the top tax rate at 16 percent.

- Further raises the estate tax exemption to $3.1 million in 2015, $4.2 million in 2016 and to $5.25 million in 2017, and adds inflation indexing after that.

- Establishes a 20 percent property tax credit statewide for manufacturers and cuts their corporate tax rate from 5.9 percent to zero.

- Contains tax freezes or possible cuts for property owners in localities that stay within a 2 percent cap and take cost-cutting steps.

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