Both houses of New York's legislature approved a tax cut on Tuesday for banks and insurance firms.

Under the measure, the tax rate paid by banks and insurance companies would fall to 7.5%, from 9.%, with the cuts phased in over a three-year period beginning in 2001. Banks alone would save $100 million a year upon full implementation.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.