The Office of the New York State Comptroller just released a new report that examines taxpayer migration trends during the pandemic.[i] The report, which builds on an earlier analysis of pre-pandemic taxpayer migration trends, reveals there was much more movement out of the State than was thought initially.
During that period, on a net basis, out-migration from New York skyrocketed, due largely to those leaving New York City; over one in every 100 resident filers left the State. By the end of the period, out-migration rates for families remained much higher than pre-pandemic levels, with married filers leaving at substantially higher rates. The total number of New York’s personal income tax filers declined for the first time since the Great Recession.Continue Reading New York Can Be Stingy Giving Credit – Resident Tax Credit, That Is