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New York budget bill closes tax loopholes, extends top personal income tax rate

On April 10, 2017, New York enacted its 2017-18 budget legislation which extends the state’s top personal income tax rate for an additional two years and closes several tax loopholes. While the legislation does not contain overarching tax reform provisions as contained in the FY 2014-15 budget, it does revise various provisions governing the state’s corporation franchise, personal income and sales and use tax provisions.