The budget provides $150 million worth of business tax relief in the form of a rate cut for all corporations in New York State, and targeted tax relief for manufacturers.
General corporation tax lowered from 7.5% to 7.1%
Overall tax on manufacturing income lowered from 7.5% to 6.5%
Alternative Minimum Tax, which has a disproportionate impact on manufacturers, lowered from 2.5% to 1.5%