Corporate tax cuts here in New York—how can such a thing be? Well, hold on to your hats because that's exactly what happened on April 7. In a move sure to impact corporate law in a huge way, New York lawmakers cut taxes last Monday evening and passed a $140 billion budget for 2014. Much of the tax reform involves phasing out utility tax surcharges and offering property tax rebates, but the most notable cut revolves around New York's corporate income tax.
In case you're wondering what this really means and how it will affect New York, consider the generally poor opinion New York has gained in terms of its business climate. For some time now, businesses have made the decision to relocate their workforce outside of the region or leave New York state altogether. Add to this the trend of governors from states with low-to-no income tax trying to recruit businesses for relocation to their states and you can probably see why this change has come about.