Tax Reform in New York
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New York’s tax reform reduces corporate tax burdens and complexity, says Joseph Henchman, a policy analyst who supervises the Tax Foundation’s state policy and legal programs.
Governor Andrew Cuomo signed New York’s 2014-2015 state budget into law at the end of March, making major reforms to the corporate and estate tax systems. New York’s corporate tax system was recently ranked 25th out of the 50 states in the 2014 State Business Tax Climate Index. Had these latest tax changes been in effect, New York would have ranked 4th best of all the states for corporate taxes, losing only to three states with no corporate income tax at all.
New York is absolutely a high tax state. But high taxes need not be complex. By broadenings its tax base, lowering rates and eliminating unnecessary complexity, New York has made significant and important changes to its tax system.
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