Press Mention
Embattled Cuomo Passes Late Budget, Concedes on Wealth Taxes
Bloomberg News
April 07, 2021
The budget agreement also raises the corporate franchise tax rate to 7.25% from 6.5% for three years.
“The tax increases simply are unnecessary and economically risky,” said Andrew Rein of the Citizens Budget Commission. Using temporary federal funds to support recurring spending sets the stage for future budget cuts or tax increases when the federal aid is exhausted, he said.