Increases tax rates imposed on unincorporated businesses and corporations in New York City.

The bill increases tax rates imposed on unincorporated businesses and corporations in New York City upon adoption of a local law by the local legislative body of the city of New York. It modifies the tax rates for different income brackets and introduces new tax rates for taxable years beginning on or after January 1, 2026. The bill also includes provisions for credit carryforwards and modifications to the tax computation.

Increases tax rates imposed on unincorporated businesses and corporations in New York City.

The bill increases tax rates imposed on unincorporated businesses and corporations in New York City upon adoption of a local law by the local legislative body of the city of New York. It modifies the tax rates for different income brackets and introduces new tax rates for taxable years beginning on or after January 1, 2026. The bill also includes provisions for credit carryforwards and modifications to the tax computation.