“Mayor Mamdani is again calling for tax increases to fund his mayoral campaign promises. A major concern for businesses is his proposal for an 11.5% state corporate tax rate, which is almost 60% higher than the current rate and would be on top of the existing New York City-specific corporate tax rate and the MTA surcharge, resulting in a corporate tax rate of over 20% for some New York businesses. This approach would impose additional taxes on statewide businesses to fund NYC initiatives and further burden the state’s already uncompetitive tax structure. Data shows that not only are New York corporations paying higher tax rates than our neighboring states, but they are also paying for a large share of state and NYC programs, and we cannot continue to rely on growing tax rates to make up for years of loose government spending that created today’s affordability and budget crisis.”
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Heather Mulligan
President & CEO
The Business Council of New York State, Inc.