The budget deal could pave the way for a casino in New York City, an idea long floated as a possible boon for the state’s tax revenues. Developers have salivated at the potential market in a city of nine million which once drew more than 50 million visitors a year. The corporate franchise tax rate would also increase to 7.25 percent from 6.5 percent, but it is supposed to remain unchanged for small businesses. For months, a statewide coalition of activists pushed for a slew of new taxes on the superrich, a top priority for the ascendant progressive wing in Albany. The activists pushed back against migration fears and framed higher taxes as essential to help support needy New Yorkers, especially after the pandemic.

Source: New York Times April 05, 2021 17:49 UTC