Mamdani's corporate tax push could cause exodus to Jersey, business honcho claims

""I don't think the tax conversation is productive because we are going to be 100% higher than New Jersey if we take that proposal. New Jersey's current corporate tax rate is 11%. If we do what the Mayor has recommended, will be at 22% - 100% over New Jersey," Steve Fulop, the new CEO of the Partnership for The City of New York said Sunday on 77 WABC's the "Cats Roundtable" program."

"Mamdani has said his recommended corporate tax rate hike from 7.25%. to 11.5% would equal New Jersey's. But New York City's top combined marginal corporate income tax rate - which includes other levies such as an MTA corporate surcharge - would rise from 17.44% to 22.48%, if Gov. Kathy Hochul and the legislature approve Mamdani's recommended hike to help close a multi-billion dollar shortfall and fund his ambitious free stuff agenda, Fulop said."

A proposed corporate tax increase would raise the city’s combined top marginal corporate rate, including levies like the MTA surcharge, from roughly 17.44% to about 22.48%. New Jersey’s corporate tax rate stands at 11%, making the combined New York rate substantially higher by local business calculations. Business leaders warn that a significantly higher corporate tax could prompt firms and residents to relocate across the Hudson where taxes and rents are lower. Many commuters live in Jersey City and travel to Manhattan via the PATH. New York's corporate tax rate has declined over past decades from double-digit levels to single digits.

Read at New York Post