• New York’s 2010 Budget Increases Tax Rates, Reduces Deductions and Defers Credits
  • September 9, 2010 | Author: David W. Bunning
  • Law Firm: Greenberg Traurig, LLP - New York Office
  • New York’s most recent budget -- passed 125 days late -- raises City income tax rates, reduces charitable deductions for high earners, increases the definition of New York source income for non-residents, requires deferral of credits, and makes certain changes in the sales tax law, among other things. Following is a summary of some of the more significant tax changes. The effective date for all amendments is January 1, 2010, unless otherwise noted.