The budget bill for the U.S. State of New York was signed into law on 19 April 2021, including various tax changes. One of the key changes for corporate taxpayers is a temporary increase in the corporate franchise tax rate from 6.5% to 7.25% for taxpayers with a business income base for the taxable year of more than USD 5 million. The increase applies for taxable years beginning on or after 1 January 2021 and before 1 January 2024.