As a result of a landmark, bipartisan agreement between the Legislature and the Governor, 78.2 percent of all employers, will see a total elimination of the job killing MTA payroll and many others will receive a reduction.
This overdue plan repeals the devastating MTA payroll tax for more than 704,000 business entities that are currently struggling with this onerous tax. This includes eliminating the payroll tax for 290,000 employers with payrolls of less than $1.25 million; 415,000 self-employed taxpayers; and all public and non-public schools.
I very much appreciate Governor Cuomo’s good faith efforts in working with the Senate to remove this unfair burden on Long Island businesses. I have said from the day I voted against it, that the MTA Payroll Tax was a burdensome, job killing tax that should never have been adopted in the first place.
We still have a lot of work to do to spur our Island economy and create jobs. That being said, this is a significant victory for our community and a huge step in the right direction.