For Immediate Release: March 16, 2023
Press Contact: Monica Klein, press@fiscalpolicy.org
Legislature’s Tax Proposals Would Raise Between $1.6 – $2.1 BillionPersonal income tax proposal would raise approximately $710 million — increase only impacts 0.2% of taxpayers |
Corporate tax proposals would raise between $930 million – $1.2 billion for transit |
ALBANY, NY | March 16, 2023 – Following the release of the State Senate and Assembly Budget Proposals, the Fiscal Policy Institute today released annual revenue estimates for the Personal Income Tax, Corporate Tax, and Corporate Tax Surcharge proposals.
Senate and Assembly – Personal Income Tax Increase: $710 million
- Senate and Assembly both increase the personal income tax rates:
- For filers making over $5 million but not over $25 million – increases from 10.3% to 10.8% (0.2% of taxpayers)
- For filers making over $25 million – increases from 10.9% to 11.4% (0.04% of taxpayers)
- Both increases apply for tax years 2023 through 2027
Assembly – Corporate Tax Increase: $1.2 billion for MTA and other transit regions
- Assembly increases the current top corporate tax rate by 2%, to 9.25% for businesses with over $5 million in profit
- Revenue collected within the Metropolitan Commuter Transportation District (MCTD) would support the MTA, while non-MCTD collections would support various transit systems within the respective transit region
Senate – Corporate Tax MTA Surcharge: $930 million for MTA
- Senate increases the corporate tax surcharge for
the MTA from 30% to 45%
NYS Legislative Budget Proposals: Personal Income Tax and Corporate Tax Revenue
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For Immediate Release: March 16, 2023
Press Contact: Monica Klein, press@fiscalpolicy.org
Legislature’s Tax Proposals Would Raise Between $1.6 – $2.1 BillionPersonal income tax proposal would raise approximately $710 million — increase only impacts 0.2% of taxpayers |
Corporate tax proposals would raise between $930 million – $1.2 billion for transit |
ALBANY, NY | March 16, 2023 – Following the release of the State Senate and Assembly Budget Proposals, the Fiscal Policy Institute today released annual revenue estimates for the Personal Income Tax, Corporate Tax, and Corporate Tax Surcharge proposals.
Senate and Assembly – Personal Income Tax Increase: $710 million
- Senate and Assembly both increase the personal income tax rates:
- For filers making over $5 million but not over $25 million – increases from 10.3% to 10.8% (0.2% of taxpayers)
- For filers making over $25 million – increases from 10.9% to 11.4% (0.04% of taxpayers)
- Both increases apply for tax years 2023 through 2027
Assembly – Corporate Tax Increase: $1.2 billion for MTA and other transit regions
- Assembly increases the current top corporate tax rate by 2%, to 9.25% for businesses with over $5 million in profit
- Revenue collected within the Metropolitan Commuter Transportation District (MCTD) would support the MTA, while non-MCTD collections would support various transit systems within the respective transit region
Senate – Corporate Tax MTA Surcharge: $930 million for MTA
- Senate increases the corporate tax surcharge for
the MTA from 30% to 45%
NYS Legislative Budget Proposals: Personal Income Tax and Corporate Tax Revenue