New York Tax News

According to the Treasury Secretary, should the proposed tax overhaul come to fruition, it will be most helpful to businesses and the middle class.  The idea, according to Steven Mnuchin, is to: “create a middle-income tax cut, [making] businesses competitive and creat[ing] jobs,”

Trump emphasized this sentiment calling it the “largest tax cut in the history of our country.”  He added that this tax overhaul is his main goal right now, rather than focusing on a repeal of Obamacare.  It has been a work in progress over the last few months.  while nothing is yet set in stone, Trump is “hopeful” that there will be a 15% reduction in top corporate tax rate (from its current 35%) and the individual rate to drop to between 10-12%, with the hope of “bringing back jobs,” and aiding middle class and businesses.

Meanwhile, a $9.4 million tax-break package was just approved by New York City’s industrial development agency for Aetna Inc.  This is at the time that the US-managed 3rd largest health company is moving its headquarters away from Connecticut to New York (Manhttan).  As a tax incentive, the package Aetna is receiving from NYC is up to $5 million in sales tax benefits,  $3.6 million in property tax abatements over 10 years and $782,000 in energy bill discounts.