NFIB successful prevented the extension of the “millionaire’s tax” in the 2011-12 state budget. The name of this tax was actual a misnomer, as it impacted those individual filers starting at $200,000 and joint filers at $250,000. With many small businesses in New York paying their business taxes through their personal income taxes, this stifled small business growth and job creation all across New York.
Anticipated savings for small business include:
This could equate to some substantial savings for small business owners as their tax rate will decrease to levels prior to the 2009 enactment.
Members/prospects most likely to be interested:
Any New York business that files their business taxes through their personal income tax filings.