“Governor Cuomo today struck a good balance with both a significant increase in the minimum wage and a reduction in the corporate tax rate on businesses with fewer than 100 employees. Over the last decade, small businesses have not scaled up in New York at the pace required to sustain economic growth, partly due to the high tax burden. The reduction in tax rates is an important step toward accelerating job creation and will help offset the payroll costs that will be incurred by employers in the small and low margin businesses that employ most minimum wage workers.”
About the Partnership for New York City: The Partnership for New York City’s mission is to engage the business community in efforts to advance the economy of New York City and maintain the city’s position as the center of world commerce, finance and innovation. Through the Partnership Fund for New York City, the Partnership contributes directly to projects that create jobs, improve economically distressed communities and stimulate new business creation.