corporate tax rate

State Of New York Lowers Corporate Tax Rate In 2016

In the last few years, the State of New York has attempted to make major reforms to the state’s corporate income tax system. In the spring of 2014, Governor Cuomo signed into law the state’s annual budget which contained many provisions that some experts have said are the most significant in the state since the corporate tax was first enacted in 1944. Many of the new provisions attempt to reduce business tax complexity, while another important change was the simple reduction of the corporate tax rate for New York businesses, thus diminishing their tax burden.