Chapter News, New York Related News

In Advance of Climate Week 2021, Governor Hochul Announces New Actions to Make New York’s Transportation Sector Greener, Reduce Climate-Altering Emissions

Governor Signs Legislation (A.4302/S.2758) Establishing 2035 Goal for All New Passenger Cars and Trucks Sold in New York to be Zero Emissions. Directs DEC to Release Draft Regulation to Reduce Air Pollution from Trucks, Require Truck Manufacturers to Sell Zero-Emission Trucks. Governor Kathy Hochul today announced new actions to reduce climate-altering greenhouse gas emissions and air pollution from the transportation sector. The Governor signed legislation (A.4302/S.2758), setting a goal for all new passenger cars and trucks sold in New York State...

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Member News, New York Related News

Littler | NYC Mandates Retirement for All

New York City employers that do not offer their own retirement savings plans to employees will soon be required to do so. Two recently enacted New York City laws (Bill Nos. 888-A and 901-A, collectively the “Retirement Security for All” acts), will require private-sector employers with five or more employees to enroll eligible New York City employees in either their own plan or in a city-managed retirement savings plan. Who is Covered? A covered employer is any person or entity that employs five or more...

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Member News, New York Related News

Troutman Pepper | New York City Enacts Biometrics Law for Food and Drink Establishments, Entertainment Venues, and Retail Stores

New York City’s Biometric Identifier Information Law goes into effect July 9. The law applies to food and drink establishments, places of entertainment, and retail stores in New York City that collect, retain, convert, store, or share biometric identifier information (e.g., retina or iris scans, fingerprints, voiceprints, and hand scans) from customers. According to the law, affected businesses must post clear, conspicuous notices near all customer entrances to their facilities. The law gives aggrieved customers a private right of action, subject...

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Chapter News, New York Related News

Governor Cuomo Launches a New Decade of the Regional Economic Development Council Initiative

Round XI Will Award More Than $750 Million Across All 10 REDC Regions to Build Back Better in a Post-COVID Economic Recovery Governor Andrew M. Cuomo today launched Round XI of the Regional Economic Development Council initiative, officially kicking off a new decade of economic development in a post-pandemic recovery. The 2021 funding round includes more than $750 million in state economic development resources. The Consolidated Funding Application will open on May 10, enabling businesses, municipalities, not-for-profits and the public to begin applying...

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Member News, New York Related News

‘Moving to the U.S.’ Series | NY Housing & Medical Considerations

With the help of our members, we are creating a Thought-Leadership series on important factors to take into consideration when 'Moving to the United States'. Today, we present Dee Coffey, Licensed Real Estate Salesperson at COMPASS, along with E. Steven Lenger M.D., Founder & Owner of MPC CONSULTANTS, who will address housing and medical related issues when moving to New York. Moving to NY can feel overwhelming and daunting with so many factors to take into consideration. In particular, concern for people...

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Member News, New York Related News

Marks Paneth | The New Pass-Through Entity Tax in New York State: Overview and FAQ

On April 19, New York Governor Andrew Cuomo signed the state’s 2021-2022 fiscal year budget into law.  The law contains several changes to New York’s tax laws, including tax rate increases on corporations and wealthier individuals. A summary of the New York State budget was recently released by Marks Paneth. One of the more potentially favorable elements of the law is a new, elective “Pass-through Entity Tax” (PTE tax) which many businesses with operations or investors in New York may want...

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Member News, New York Related News

Faegre Drinker | New York Department of Financial Services Issues Report on SolarWinds Cyberattack

On April 15, 2021, the New York Department of Financial Services (NYDFS) issued a report on the recent SolarWinds cyberattack. A copy of the report is available here. NYDFS called the attack a “wake-up call” to regulated financial institutions and insurers that should cause them to immediately assess and, if necessary, improve their own cybersecurity posture in order to avoid victimization in future attacks. NYDFS characterized the SolarWinds attack as a “widespread, sophisticated espionage campaign” by Russian foreign intelligence actors that resulted...

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Member News, New York Related News

Marks Paneth | New York State Decouples from Federal Opportunity Zone Tax Provisions

The recently announced New York State fiscal year 2022 budget includes legislation which “decouples” New York from the federal income tax deferral available for investments in Opportunity Zones, beginning generally as of January 1, 2021. From a federal standpoint, there have been three major benefits to taxpayers who invest in Opportunity Zones: Deferral of tax on original capital gain: A taxpayer can defer paying tax on an eligible gain that is reinvested in an Opportunity Zone within the requisite time frame (generally...

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Member News, New York Related News

CEA Legal | Commercial Leases in a Post COVID-19 New York

In the healing of New York, more and more businesses are starting to move back to offices slowly. Commercial landlords are getting creative with their incentives to get new tenants to sign long-term leases while ensuring the tenants will observe  Covid-19 safety precautions. In order for financially bleeding businesses to come back to their pre-pandemic volumes, many tenants – especially those operating in the suffering hospitality industry - are successfully negotiating monthly rents based on a percentage of their revenue...

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Member News, New York Related News

Marks Paneth | New York State Budget Changes: Tax Increases, SALT Cap Workaround & Additional COVID Relief

On April 6, 2021, the New York State Legislature and Governor Andrew Cuomo came to an agreement on the state’s operating budget for the fiscal year that began on April 1, 2021. Included in the budget legislation are the following law changes which will affect individuals and businesses in New York. Tax Rate Increases for New York’s Highest Earners: Until now, New York State’s highest tax rate on individuals was 8.82%. This rate applied to taxable incomes in excess of...

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