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The New York Legislature approved FY 24 budget legislation after lengthy negotiations with Governor Kathy Hochul, who signed the legislation on 3 May 2023. The legislation makes numerous changes that:

  • Extend an increased corporate franchise tax rate
  • Increase the top rate of the Metropolitan Commuter Transportation Mobility Tax (MCTMT) for New York City employers and self-employed individuals
  • Set the rate of the MTA Surcharge
  • Amend the definition of net earnings from self-employment for MCTMT purposes 
  • Amend the definition of pass-through entity taxable income for purposes of the New York State and City Pass-Through Entity Taxes (PTET) 
  • Allow the Department of Taxation and Finance to appeal certain decisions from the Tax Appeals Tribunal
  • Make other changes.