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Cuomo releases tax returns

By Tom Precious

The governor’s returns, shown to reporters Monday, reported he lost nearly $28,000 on the sale of $602,000 in securities he had invested with AMG National Trust Bank. Cuomo officials say the governor does not know how the bank invests his money.

In all, Cuomo reported an adjusted gross income of $187,499 for 2012. His salary as governor paid him $168,910.
The governor again reported no property tax payments on the Westchester County house he lives in with girlfriend and celebrity food show host Sandra Lee; she owns the house, and the administration said Cuomo shares in the home’s expenses, including property taxes. He reported a total capital loss of $3,000, but tax-exempt interest of nearly $41,000. His dividends totaled $17,000.

The governor reported no imputed income, aides say, because he did not use, for instance, the state aircraft fleet to commute from his Westchester home to Albany. [Imputed income is basically cash or non-cash additions to a taxpayer’s income for such things as use of state vehicle for commuting.] Any use of aircraft, they said, was used to attend official events, not for commuting purposes.

A state ethics agency, heavily run by former Cuomo administration aides, last week said Lee, along with Cuomo’s children, can ride for free in state planes and helicopters if accompanying the governor on official business.

The governor’s 2012 returns show he owed $36,919 in taxes, paid $40,153 and is due a refund of $3,234. His charitable donations were limited to $9,000 in a cash contribution to HELP, a housing group he founded years ago.

The lieutenant governor, Robert Duffy, and his wife reported a total adjusted gross income of $239,349, which included the $70,000 in pension payments from his days with the Rochester police department.

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