New York Reduces the Franchise Tax for Small Businesses
CPA Journal, The › Vol. 76 Nbr. 11, November 2006
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Summary
The 2005/2006 New York State Budget Act reduced the entire net income (ENI)-based general corporation franchise tax (Article 9-A) for small business taxpayers from 6.85% to 6.5%. The new 6.5% rate applies to all taxpayers whose ENI does not exceed $290,000. For taxpayers whose ENI is between $290,000 and $390,000, the 6.5% small business rate phases out until it reaches the regular franchise tax rate of 7.5%. While the changes made by the Act reinstate a somewhat complex tax calculation, they do reduce the tax burden on small businesses.
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New York Reduces the Franchise Tax for Small Businesses
The 2005/2006 New York State Budget Act reduced the entire net income (ENI)-based gene...
See the full content of this document
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