NY’s Tax Climate Again Ranks at National Bottom
December 16, 2021
Today, the Tax Foundation (an independent tax policy think tank) released its 2022 State Business Tax Climate Index. The report compares all fifty states on various tax policies, then ranks their overall business tax climate. New York ranked below every state except New Jersey.
The poor ranking comes as no surprise. New York has oscillated between 48-50 for over ten years. After enacting new tax increases this year, New York dropped from 48th to 49th.
The index assesses each state’s Corporate Tax, Individual Income Tax, Sales Tax, Property Tax, and Unemployment Insurance Tax. Notably, New York ranked 50th – dead last – in Individual Income Tax.
It is also notable that New York ranked 36th for Unemployment Insurance taxes. Because NYS incurred billions in federal debt to keep solvent its UI fund during the pandemic, New York employers are about to face significant UI rate increases, meaning this ranking will likely worsen. The BNP has repeatedly urged Governor Hochul to take action to prevent these increases.
The full report is available here.
The BNP continues to advocate for tax policy that improves our region’s business climate. To learn how, register for our 2022 Advocacy Agenda Rollout on January 13. Tickets are available here.
Worldwide, companies throughout every business sector are dealing with significant supply chain challenges. The Buffalo Niagara region is certainly no exception. Increased costs, labor shortages, logistical breakdowns, and a host of other issues are impacting all aspects of the economy from manufacturer to customer.
Last night, New York voters selected party nominees for Governor, Lt. Governor, and Erie County Clerk.
Primaries for U.S. House and State Senate seats will be held on August 23. No Assembly candidates in Erie or Niagara counties faced primaries.
In the next few months, prepare to receive a much higher bill for unemployment insurance (UI). The BNP spent over a year warning state leaders that this was coming. The state failed to act, and now, the chickens are coming home to roost.
One set of primary elections will take place on Tuesday, June 28. Early voting is open now. Look up your polling place and sample ballot here: (Erie County) (Niagara County). Note that primary elections are only open to voters registered in that party.