NY’s Tax Climate Again Ranks at National Bottom
Blog Categories
December 16, 2021
Today, the Tax Foundation (an independent tax policy think tank) released its 2022 State Business Tax Climate Index. The report compares all fifty states on various tax policies, then ranks their overall business tax climate. New York ranked below every state except New Jersey.
NY's rank in the State Business Tax Climate Index
The poor ranking comes as no surprise. New York has oscillated between 48-50 for over ten years. After enacting new tax increases this year, New York dropped from 48th to 49th.
The index assesses each state’s Corporate Tax, Individual Income Tax, Sales Tax, Property Tax, and Unemployment Insurance Tax. Notably, New York ranked 50th – dead last – in Individual Income Tax.
It is also notable that New York ranked 36th for Unemployment Insurance taxes. Because NYS incurred billions in federal debt to keep solvent its UI fund during the pandemic, New York employers are about to face significant UI rate increases, meaning this ranking will likely worsen. The BNP has repeatedly urged Governor Hochul to take action to prevent these increases.
The full report is available here.
The BNP continues to advocate for tax policy that improves our region’s business climate. To learn how, register for our 2022 Advocacy Agenda Rollout on January 13. Tickets are available here.
Related Posts
8.4.21 Advocacy Alert: Biden Reverses Course, Extends Eviction Moratorium
On Tuesday night, the Biden administration issued a new eviction moratorium – a complete reversal from the President’s assertion this weekend that he lacked the authority to do so.
The new moratorium is in effect through October 3, going beyond New York State’s August 31 deadline. It extends the terms of the original moratorium: tenants cannot be evicted for nonpayment of rent.
BNP Advocacy Insider – August 2021
The August 2021 Advocacy Insider is a roundup of important issues we are monitoring that could you and your business.
8.2.21 Advocacy Alert: CDC Eviction Moratorium Expires; NY’s Still in Effect
With no action taken by Congress or the CDC, the federal eviction moratorium expired July 31.
The expiration will not impact New York until September. Earlier this year, the State Legislature passed S.6362/A.7175, a bill to extend the state’s eviction moratorium through August 31.
8.2.21 COVID-19 Bulletin: Cuomo Makes Recommendations on Vaccination Efforts
Yesterday, Governor Kathy Hochul announced she would repeal the state’s mask mandate, effective today. However, her announcement did not proactively address how the repeal coincided with the NY HERO Act, which would have required employees in most workplaces to continue masking.