EY prepared a study for the Public Policy Institute, research affiliate of the Business Council of New York State, Inc., using the REMI model to provide estimates of the expected benefits to New York State’s economy and residents from the recommended business tax changes designed to simplify the tax system and improve New York’s business tax competitiveness. The specific business tax reductions included in the economic impact analysis were a reduction in the corporate franchise tax, and an adoption of a new business tax credit designed to offset 20% of the property taxes paid by manufacturers on real property. Analysts found that the business tax changes were expected to add over 14,100 new jobs in 2019 and 17,800 new jobs in 2024 and expand the state’s real gross domestic product by over $1.8 billion in 2019 and $2.7 billion in 2024.
EY – Analysis of Economic Impacts of New York Corporate Income Tax Reform [full PDF]
