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New York State’s budget bill is on the governor’s desk. Our State & Local Tax Group provides the most significant highlights for you and your business.
Higher tax rates for the wealthy, lower tax rates for the middle class
Corporations will see higher tax rates and a reinstated capital base
Elective pass-through entity tax enacted
Several tax credits were created, renewed, or extended
On April 7, just a few days after the April 1 constitutionally imposed deadline for passing the state budget, the budget bill (S.2509-C/A.3009-C) was delivered to Governor Andrew Cuomo for his signature. From a tax perspective, the bill provides a mixed bag: tax increases for some and tax decreases for others. The bill also expands existing tax credits and creates tax credits aimed at helping businesses that have been most impacted by the COVID-19 pandemic.