News

Foundation says law changes improve NY tax climate

ALBANY, N.Y. (AP) — The Washington-based Tax Foundation says recent changes in New York law would raise the state’s corporate tax climate ranking from 25th to fourth best in the nation, while inching its overall ranking from last place to 48th, ahead of New Jersey and California.

In its new report, the nonprofit research group says New York’s new tax laws, simplifying business taxes and cutting the corporate rate from 7.1 to 6.5 percent and manufacturers’ rate to zero, will be phased in over a few years.

However, if in full effect now they would raise the state’s 2014 rankings, which were based on last year’s tax laws.

The foundation previously reported New York’s state and local tax burden as a share of collective income had been a highest-in the-nation 12.6 percent in 2011.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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