• New York Increases Tax Rates and Penalties and Adds New Taxes and Penalties to Reduce Deficit
  • June 17, 2009 | Author: David W. Bunning
  • Law Firm: Greenberg Traurig, LLP - New York Office
  • New York did not adopt some of the more controversial proposed taxes, such as the "non-diet soda tax" or sales tax on music downloads. But the most recent budget bill, passed in the face of a projected $1.7 billion current deficit and $13.7 billion deficit for the 2009-10 fiscal year, raises many existing taxes and penalties, and adds an assortment of new taxes and penalties. The wide range of measures presents residents and non-residents with a new tax landscape that will impact them in a variety of ways.