Gov. Cuomo signs tax cap bill into law

Gov. Andrew Cuomo (D-N.Y.) went to Pleasantville today to sign the state's new property tax cap into law.

Critics say the new law could negatively affect school districts by depriving them of funding while the state still requires millions from local municipalities to pay for state programs such as Medicaid.

Cuomo, however, says this tax cap is the right step forward.

"We have been the high-taxed state for too long, and there is no future for this state as the tax capital of the nation and today we're going to make that change," Cuomo says. NY lawmakers approve tax cap State Senate set to vote on property tax cap deal Cuomo, legislators hope to tackle big agenda

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