By Hank Russell
In response to newly proposed tax increases on businesses in New York City, Suffolk County Executive Ed Romaine announced a new digital marketing initiative to attract companies of all sizes to consider relocating or expanding their operations in Suffolk County.
This comes after New York City Mayor Zohran Mamdani called for a series of tax hikes on the rich and on corporations. During his campaign, he proposed a nearly 60% increase in the city’s corporate tax rate from 7.25% to 11.5%, making it the same rate as New Jersey’s, according to Reuters.
But in March, New York Focus reported that he proposed a scaled-down tax hike package that includes raising the corporate tax rate for financial institutions to 10.8% from 9%; a 10.62% increase for firms not in the financial sector, from 8.85%; going from 4% to 4.4% for unincorporated businesses in the city with business incomes over $5 million; and reducing the city’s passthrough Entity Tax credit down to 75% from 100%. Mamdani claimed this would bring in a total of $2.5 billion in revenue.
“With the growing threat of higher taxes and increased costs in New York City, many companies are asking themselves a simple question: where can we continue to grow without being penalized for creating jobs?” Romaine said. “Suffolk County is ready to provide that answer.”
Romaine warned that these policies risk driving investment and job creation out of the city at a time when economic stability is more important than ever.
“Suffolk County believes in supporting the businesses that power our economy,” Romaine said. “Instead of increasing costs and creating uncertainty, we are focused on making it easier for businesses to succeed, hire workers, and invest in their future.”
The county executive added that Suffolk has prioritized economic development initiatives that streamline business growth, encourage innovation, and foster long-term investment.
“Suffolk County offers the space to grow, the workforce to succeed, and a government that understands the importance of keeping taxes competitive,” Romaine added. “If New York City is becoming too expensive to do business, we want companies to know that Suffolk County is open for business.”
Long Island Life & Politics has repeatedly reached out to Mamdani’s office for comment, but did not hear back as of press time.