Reports: NY expected to raise taxes on millionaires and corporations

New York is about to raise the income tax on millionaires and raise the state’s corporate franchise tax by 0.75%, according to reports first published in The Wall Street Journal.

The final budget would also increase the state’s corporate tax rate from 6.5% to 7.25%, government officials told the Journal.

Changes in income tax ranges – which would be part of the state budget for 2021-2022 – would increase taxes to 9.65% on single registrars who earn more than $ 1 million and joint registrars who earn $ 2 million, reported the Journal.

People who earn more than $ 5 million or more would pay 10.3% in income tax. Those who earn $ 25 million or more would pay 10.9% in taxes, according to the Journal.

It also appears that mobile sports betting continues to be part of the budget deal, both the Journal and Buffalo News reported this afternoon.

It was not immediately clear whether the latest deal would allow mobile betting in central New York.

A 2013 agreement with the indigenous nation Oneida grants it exclusive gaming rights in certain places, including Cayuga, Chenango, Cortland, Herkimer, Lewis, Madison, Oneida, Onondaga, Oswego and Otsego counties. That agreement included any potential for mobile sports betting.

The state’s new fiscal year began on Thursday, April 1. Lawmakers and Governor Andrew Cuomo are expected to finalize budget legislation earlier this week.

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