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May 5, 2023 · The Final Bill extends the 7.25% business income base tax and the 0.1875% capital base tax for an additional three years, through tax year 2026. 1 This provision took effect immediately.
The business income tax rate for Article 9-A taxpayers (general corporations, financial institutions and S corporations) temporarily increases to 7.25% (from 6.5%), effective for tax years beginning on or after January 1, 2021 and before January 1, 2024.
Sep 13, 2024 · New York has nine income tax rates: the lowest rate is 4%, and the highest rate is 10.9%. High-earning New Yorkers with an adjusted gross income (AGI) over $107,650 are also required to pay a...
Under Article 9A of New York tax law, taxpayers are required to compute tax under three alternative bases—an income tax imposed on entire net income, a tax imposed on business capital, and a fixed-dollar minimum tax. A taxpayer pays tax based on whatever computation yields the highest amount of tax.
For tax years beginning on or after January 1, 2021 and before January 1, 2024, the rate applicable to entire net income would increase from 6.5% to 7.25% if the taxpayer’s business income base exceeds $5 million. The rate increase appears to be structured as a “cliff” rate, rather than a graduated.
Apr 13, 2021 · Before 2021, New York imposed a “capital base” tax on the business capital of corporations doing business in the state if the application of the “capital base” tax yielded a higher tax than the...
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Extension of top state income tax rate — Beginning with tax year 2021, the Final Bill would extend the top state income tax rate, starting with a new tax rate of 9.65% for NYS taxable income over $2,155,350 up to a new top tax rate of 10.90% for NYS taxable income over $25 million.
