Cuomo’s first book payment nets $188K
ALBANY—Governor Andrew Cuomo nearly doubled his income in 2013 after receiving a $188,333 book advance, according to tax returns his office made available on Tuesday.
The book, published by Harper Collins, is due to be released in August. The governor paid $35,127 of that advance on what an aide called “representation and legal fees associated with the book.” The aide clarified that this did not include any ghost-writing payment, and said no such payment has been made to date. The aide said this was simply a "first installment," and refused to offer details on the number or amount of future installments.
Cuomo's book is titled “All Things Possible: Setbacks and Success in Politics and Life.”
In accordance with tradition, the Democratic governor made his tax returns available to journalists for inspection on Tuesday, the deadline for filing with the Internal Revenue Service and state Department of Taxation and Finance. Cuomo will receive a $6,178 federal refund and is due $1,056 from the state, which he is electing to put toward his 2014 return.
The governor paid $96,302 in taxes with an adjusted gross income of $358,448, an effective federal tax rate of 26.9 percent. This does not account for a significant chunk of Cuomo's investment income, $27,803, which was tax-exempt interest on government bonds that the governor holds through a blind trust account with AMG National Bank.
The trust, whose holdings were not detailed in the tax returns or other financial disclosures, also yielded Cuomo slightly over $40,000 in dividends and $4,238 in royalties. The governor also reported $393 in interest from an account with Chase Bank. He donated $16,000, or about 4.5 percent of his income, to HELP, a charity he founded in the 1990s.
Cuomo sold several of the AMG securities for a net loss of $1,623, but declared a $3,000 loss by carrying over parts of a $24,307 loss incurred in 2012.
Lt. Gov. Bob Duffy and his wife, Barbara, reported $262,180 in gross income, including Barbara's compensation from a human resources consulting firm and Bob's $70,255 pension from the City of Rochester, where he was a police officer, police chief and mayor.
The Duffy family paid $48,465 in federal taxes, for an effective federal tax rate of 18.5 percent. The Duffys donated $5,991 to charity, some of it in the form of clothes and furniture to a Goodwill store in Rochester.
Duffy's tax returns include deductions for $9,919 in property taxes and $12,025 in mortgage interest. The couple purchased a house on Keuka Lake from Sandra Parker, the head of the Rochester Business Alliance, in May.