De Blasio Proposes Changes to Corporate Tax System

NEW YORK (AP) -

Mayor Bill de Blasio on Monday laid out a major overhaul of New York City’s corporate tax system, which he said has not changed since the 1940s. The plan aims to provide tax relief for small businesses and manufacturers.

Officials said the tax revenue generated from small businesses would drop by an estimated $300 million. That would be made up by increased revenue from companies that do business in New York but are based outside the city.

The plan needs approval from the state.