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 This material may not be published, broadcast, rewritten or redistributed.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

in Music

Tony Iommi teases fans with new songs


The Black Sabbath rocker wants to release five unheard songs by the band just weeks after they scrapped plans for another album.

in Music

Metallica looking forward to baseball season


The San Francisco Giants will hold Metallica Night for the fourth year on May 6.

in Music

Hinder back on the road after bus crash


The band was forced to postpone a string of dates following the accident in Tennessee, which left bass player Mike Rodden and two road crew members in hospital.

in Trending, Viral Videos

TODAY’S MUST SEE: Harrison Ford, Chewbacca settle feud


With a little help from Jimmy Kimmel and Adele, Harrison Ford and Chewbacca finally set aside their past differences.

in Weird

‘Darth Vader’ arrested in attempted armed robbery


The "force" was with this man - the police force, that is.