- Associated Press - Monday, January 12, 2015

NEW YORK (AP) - Mayor Bill de Blasio is proposing a major overhaul of New York City’s corporate tax system.

The plan aims to provide tax relief for small businesses and manufacturers.

It also intends to broaden the city’s overall tax base and could lead to tax increases for some companies.

City Hall officials said Monday the plan is expected to be revenue neutral.

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 Gov. Andrew Cuomo and state lawmakers.

If the plan is approved, small businesses would save about $2,000 a year in taxes.

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