Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
New York enacts 2023 – 2024 Budget Act On May 3, 2023, New York’s 2023-2024 Budget Act, including S.4009C/A.3009C and S.4008C/A.3008C (collectively the “2023-2024 Budget Act”) was signed into law. The tax-related provisions include extending for another three years certain expiring Article 9-A tax rates, setting a fixed rate for the Metropolitan transportation business tax surcharge, increasing the top Metropolitan Commuter Transportation Mobility Tax (“MCTMT”) rate, making some technical changes involving the New York State and New York City pass-through entity taxes, and other changes. The Budget Act omits personal income tax rate increases that were proposed by the New York State Legislature.
This Multistate Tax Alert summarizes certain provisions enacted in the 2023-2024 Budget Act. [Issued: May 17, 2023] More
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