Enacted Budget Fact Sheet
Business Tax Cuts

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Business Tax Reductions

  • The budget provides $150 million worth of business tax relief in the form of a rate cut for all corporations in New York State, and targeted tax relief for manufacturers.
    • General corporation tax lowered from 7.5% to 7.1%
    • Overall tax on manufacturing income lowered from 7.5% to 6.5%
    • Alternative Minimum Tax, which has a disproportionate impact on manufacturers, lowered from 2.5% to 1.5%
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