CHENANGO COUNTY – A statewide initiative to provide tax relief to residents and business owners reached a new milestone Tuesday with a proposal state executives say will ease the tax burden on individuals, families and businesses across the state.

On Wednesday, the New York State Tax Relief Commission called a public meeting to present its suggestions to promote economic vitality in the state and also encourage local taxing jurisdictions to reduce the heavy costs of operation. According to the pannel, the initiative is made possible through years of responsible fiscal planning that has allowed state officials to build a revenue pool of $2 billion.

The Commission recommended creation of a two-year tax freeze for all taxing municipalities that adopt budgets that adhere to the property tax cap. During the first year, eligible homeowners’ taxes would be subsidized through a state credit equal to the growth in their property taxes. In the second year, the freeze would continue for homeowners living in jurisdictions that remain within the property tax cap and take measures to reduce operational costs by sharing with neighboring municipalities or consolidating.

Additional recommendations include lowering the corporate tax rate to its lowest level in 46 years, lowering the tax rate for Upstate NY manufacturers to 2.5 percent – its lowest level ever – and updating the NY Estate Tax to bring the state in line with other states.

Legislators say the plan could save tax payers billions of dollars and shake the reputation of New York State being among the most highly taxed states in the country. Recommendations from the commission are based findings that property tax remains the most burdensome tax for individuals, families and businesses in the state and damper economic growth.

Already, the initiative has gained support of some local officials who believe that while the finer details have yet to be made clear, it’s a positive move in providing relief for local taxpayers.