Revenue Analysis: One House Budget Tax Proposals

March 16, 2023 |

by Fiscal Policy Institute

Legislature’s Tax Proposals Would Raise Between $1.6 – $2.1 Billion

Personal 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

Published On: March 16th, 2023Categories: Press Releases, State Budget, Tax Policy

Further Reading

Revenue Analysis: One House Budget Tax Proposals

March 16, 2023 |

by Fiscal Policy Institute

Legislature’s Tax Proposals Would Raise Between $1.6 – $2.1 Billion

Personal 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

Published On: March 16th, 2023Categories: Press Releases, State Budget, Tax Policy