Tax Reform in NYC for Small Businesses
Monday, January 12, 2015
Good news for taxes this year! Mayor De Blasio announced a tax reform this morning that provides some relief to New York City businesses and manufacturers.
The most important aspect of the reform for our industry is the tax rate will be reduced from 8.85% to 6.5% for restaurants with less than $1 million in allocated net income. The reforms will have a retroactive start date of January 1, 2015.
Read the full press release >>
“Mayor de Blasio's proposal for a 2.35% reduction in the tax rate for small restaurants is great news as we kick off this year’s tax season," said Chris Hickey, Regional Director NYC for the New York State Restaurant Association. "The Association is pleased the Mayor’s Administration is working on reforms to alleviate some stress on the small business owner and hope this is one of many new initiatives in 2015 that will help grow the multi-billion dollar New York City restaurant industry.”
The Association will continue to keep restaurants in New York City updated with information regarding the tax reform. For questions regarding the tax reform, contact Chris Hickey at firstname.lastname@example.org or 212.398.9160.
For press inquiries, contact email@example.com.
Update 1.14.15: The tax reform announced by Mayor De Blasio still needs to be approved and past by the state legislature. In addition, the tax rate reduction mentioned will only apply to business corporations not LLCs. The Association will alert members if the legislation is passed and share more details on the law as they develop.