New York Governor Signs 2025-2026 Budget That Includes Business Tax Hikes
Withum
MAY 12, 2025
Millionaires tax: The budget extends the higher personal income tax rate on individuals who make over $1.1 million annually through 2032. When first enacted in 2021, this higher tax rate for millionaires was set to expire in 2027. However, like most temporary tax hikes, it looks to be permanent.
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