© 2022
Play Live Radio
Next Up:
Available On Air Stations
Hudson Valley News

Tax Surcharge Increases On Corporations In MTA Commuter District

Bebeto Matthews

New York regulators are increasing the tax surcharge on corporations within the metropolitan commuter transportation district but say revenue will stay the same.

The tax department is raising the rate from 25.6 percent of corporate taxes imposed last year to 28 percent this year. The department says the adjustment is required to meet financial projections. The surcharge generated $627 million last year. Officials say it's expected to generate the same amount this year because of lowered corporate taxes. Surcharge proceeds go to the Metropolitan Transportation Authority. The commuter transportation district includes New York City and Rockland, Orange, Putnam, Dutchess, Westchester Nassau, and Suffolk counties.

Copyright 2016 The Associated Press. All rights reserved.

Related Content