New York City Tax Rates on Personal Income, Corporations Extended

New York Gov. Kathy Hochul (D) signed legislation Wednesday to extend several taxes imposed on New York City residents and businesses, all of which are expected to generate $9 billion for the city in fiscal 2024.

The bill, S7386, postpones the expiration of the city’s personal income tax rates and general corporation tax rate until 2026. It also preserves the city’s cigarette tax rate and extends the city’s existing sales taxes on beauty and barbering services and credit rating and reporting services for another three years.

• Most of the taxes have been in effect since the 1970s and are ...