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.