By Rob Basso on
12/14/2011 11:09 AM
It’s been two years, countless complaints by politicians in Nassau and Suffolk counties, and an angry main street but at long last the MTA Payroll Tax that many believe was “unconstitutional” has been eliminated for many small businesses across New York State.
Governor Andrew Cuomo signed a new law eliminating the MTA Tax for 289,000 small businesses across the state with an annual payroll under $1.25 million. Businesses with a payroll between $1.25 million and $1.5 million will see their MTA payroll tax cut to 0.11 cents per employee, while those with payrolls up to $1.75 million will have their tax reduced to 0.23 cents. These adjustments eliminate the tax for almost 80 percent of businesses in the region. The state will fund the $250 million cost of the payroll tax through a $2.6 billion increase in income taxes on the wealthy...