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New York State Senator David Carlucci (D-New City) visited Adam Lipson at the office of his Pearl River business to discuss the benefit of the reduction in the MTA Payroll Tax.
The rate of .21 percent for New York City’s five boroughs would remain in effect. The estimated savings from the elimination of the MTA Payroll Tax would be $767 million.
Tuesday’s ruling of the New York Court of Appeals means businesses within the Metropolitan Transportation Authority region, which includes Rockland County, must still pay the tax.
In 2009, New York enacted the Metropolitan Commuter Transportation Mobility Tax, a 0.34% levy on payrolls and self-employment earnings in New York City and Nassau, Suffolk, Westchester, Rockland, Orange, Putnam, and Dutchess counties.
On February 1, 2023, as part of her Executive Budget proposal to the New York State Legislature, Governor Kathy Hochul proposed raising the MTA payroll tax, a move projected to increase revenue by $800 million, and also giving the MTA some of the money from casinos expected at present to be licensed soon for business in Manhattan.
The MTA tax rate is .0034 or .34%, meaning that small businesses pay $3.40 for every $1,000 of payroll. So, if your annual payroll is $100,000, you only end up paying an extra $340 worth of tax...
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