Relates to increasing tax rates imposed on unincorporated businesses and corporations in New York city

Summary

The bill amends several sections of New York City’s tax code to increase the base tax on unincorporated business income from 4% to 4.4% for any amount above $5 million beginning in tax years that start on or after Jan. 1, 2026. It also raises corporate net‑income tax rates from 9% to 10.8% and adjusts related credit calculations. The changes affect any unincorporated business operating in the city and corporations that earn income there, aiming to generate more revenue for the city.

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