The New York budget extends a key temporary business tax rate, a move that was closely watched by the business community. Specifically, the budget extends New York’s temporary 7.25% Article 9-A business income base rate for taxpayers with a business income base of more than $5 million through 2029.
Roberti told Checkpoint that while the state’s rate is still “relatively high,” particularly when coupled with the New York City rate, the extension was “a good result for corporations.”
According to Roberti, there was pressure from the legislature to increase the corporate rate further. He noted that Governor Kathy Hochul “held tight on that,” preventing a combined New York state and city rate that could have approached 24% and become “confiscatory.”
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