Final FY 2017 Budget/Tax and Revenue Legislation
Click here for an overview of tax-related provisions of the final New York State budget for Fiscal 2017. All of these provisions are found in S.6409-C/A.9009-C, unless otherwise indicated.
Article 9-A technical amendments were generally limited to the QFI changes proposed in the Executive Budget.
The targeted Article 9A and 22 small business tax reductions were rejected, apparently in favor of restructured personal income tax rates and brackets that restore a permanent top rate of 6.85 percent, and produce lower rates for incomes between $26,000 and $300,000, a proposal described as providing annual savings reaching $4.2 billion by 2025.
Moves the date for business tax returns to April 15th, and changing the basis for first quarter estimated filings to the “second preceding” tax year.
We hope this information is helpful. Feel free to contact us regarding any of these or other provisions of interest being addressed in the ongoing budget process, or for additional information or input on the issues addressed here.