Astoria, NY – On Tuesday, March 10, and Assemblymember Diana Moreno and State Senator Kristen Gonzalez celebrated the inclusion of language in the Senate and Assembly One-House Budget resolutions permitting New York City to raise corporate taxes. This measure is related to a bill (S9189/A10340) the two legislators introduced in the Senate and Assembly to enable New York City to raise the City’s corporate tax rates.

The One-House Budget language would enable the City to raise taxes on wealthy corporations and unincorporated businesses with incomes of $5 million or more. The Senate’s One-House resolution gives the City the authority to raise the unincorporated business tax for businesses with incomes of $5 million or more from 4% to 4.4%, and to increase the tax rates on financial sector firms from 9% to 10.8% and other firms from 8.85% to 10.62%. These increases are estimated to raise over $1 billion for New York City, helping to address the City’s budget gaps and provide continued funding for essential services.

“I am proud that the first bill I introduced as an Assemblymember would give New York City the ability to raise taxes on its wealthiest corporations to secure the funding working New Yorkers need,” said State Assemblymember Diana Moreno. “I applaud the inclusion of the bill’s language in the Assembly and Senate One-House Budgets, and look forward to continuing to work with Senator Gonzalez to coalesce support for our critical legislation. At a time Trump is lining the pockets of billionaires by cutting social programs that millions of New Yorkers depend on, we have a responsibility to tax the rich and raise the revenue we need to protect New York’s working families.”

“It’s time that the wealthiest corporations pay their fair share so that we can invest in our communities and provide universal childcare, access to healthcare, affordable groceries, and safe housing. The injustice in our tax system is apparent when corporations making record profits pay only 4.9% in taxes while working class New Yorkers can barely afford to live in the City they call home,” said State Senator Kristen Gonzalez (D-59). “I am proud to sponsor legislation that would give New York City the ability to raise their own tax rates on the wealthiest corporations and high-income businesses. Now is the time to tax the rich, include this language in the State budget, and ensure the City can provide the essential public services that New York City residents deserve.”