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.
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