New York City Mayor Zohran Mamdani (D) pitched raising the city’s corporate tax rate to state lawmakers as they finalize budget plans to present to Gov. Kathy Hochul (D) next week.
Mamdani said he supported increasing the city corporate tax rate for firms in the financial sector from 9% to 10.8%, according to a memo shared online by the New York City chapter of the Democratic Socialists of America. A City Hall spokesperson said it was circulated among elected officials in Albany this week.
Companies in other sectors would see their corporate tax rate jump from 8.85% to 10.62% under ...