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 This material may not be published, broadcast, rewritten or redistributed.

Recent Headlines

1 hour ago in Viral Videos

WATCH: ‘Chewbacca Mom’ and ‘Star Wars’ director J.J. Abrams take a drive

Fresh
19-overlay-7

Just three happy Chewbaccas having fun in a car together.

5 hours ago in Music

Ozzy gets a train

ozzy420467453452

The rocker is to have a Midland Metro tram named after him in his native Birmingham, England, and Ozzy will meet the caboose on Thursday.

5 hours ago in Weird

10,000 days of running

runningclipart

A Massachusetts man who made a resolution on Jan. 1, 1989, to run every day is still going strong — 27 years later.

5 hours ago in Trending, Viral Videos

TODAY’S MUST SEE: Bernie and Hillary walk into a bar

11-overlay-11

The Democratic presidential candidates reminisce about their time running against each other in the primary.

21 hours ago in Music

Dave Mustaine planning benefit for Nick Menza’s family

mustaine

The rocker is planning a Megadeth supergroup concert to honor his former bandmate.