MoFo New York Tax Insights - Volume 8, Issue 2

Governor Cuomo Releases 2017-18 New York State Executive Budget -

New York State Governor Andrew M. Cuomo released his 2017-2018 Executive Budget, containing an assortment of potentially important tax proposals, including the following:

1. Extends top personal income tax rates. Extends the top tax bracket under the personal income tax (the so-called “Millionaires Tax”), which is imposed at a rate of 8.82%, for an additional three years through 2020. The top tax bracket was originally set to expire after 2017. (Part R)...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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