ALBANY, N.Y. — Annual taxes on corporations and the wealthiest New Yorkers will increase by $4 billion next year after Gov. Andrew Cuomo and legislators agreed on a $212 billion budget for 2021-2022.
The tax increases come after a push from the state's Assembly and Senate leadership. Cuomo had proposed more modest increases.
Business leaders came out against any new taxes last month and said that tax increases could drive more New Yorkers to leave the state and hurt businesses at a critical time for New York's post-Covid recovery. New York CEOs and executives are also worried that the tax increases will delay the return of remote workers.
Read the full story from our partners at Buffalo Business First.