NY Senate broadens MTA Payroll Tax repeal

libn.com  |  December 8, 2011

The New York state Senate repeal of the MTA Payroll Tax grew to $320 million on Wednesday, state Sen. Lee Zeldin announcing Wednesday night.

On Tuesday, a $250 million repeal of the tax was included as part of the massive tax cut plan proposed by Gov. Andrew Cuomo, Senate Majority Leader Dean Skelos and Assembly Speaker Sheldon Silver.

However, when the Senate passed the tax reform plan Wednesday night, it included an even wider – and permanent – cut.

“The MTA Payroll Tax should have never been passed in the first place, and I remain committed to our long term efforts on this issue,” Zeldin wrote in a statement announcing the repeal passing the Senate. “It’s important that the MTA continue to pursue increased efficiencies in order to function with less reliance on taxpayer subsidies.”

The original $250 million plan would have eliminated the MTA Payroll Tax from all businesses with payrolls less than $1.25 million. In addition, businesses with payrolls under $1.5 million would see the tax rate reduced from 0.34 percent to 0.11 percent, and those businesses with payrolls under $1.75 million would be reduced to 0.23 percent.  The state estimates 289,000 employers across New York would no longer have to pay the tax, while another 5,900 employers would have their rates reduced.

 

Read More:  http://libn.com/2011/12/08/new-york-senate-broadens-mta-payroll-tax-repeal/

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