03 Jul
New York Related News

New York State Governor | Governor Hochul Celebrates $40 Million U.S. Department of Commerce Grant to Boost New York’s Growing Semiconductor Sector

Federal Regional Technology and Innovation Hubs Grant Will Support Semiconductor Research, Manufacturing, and Workforce Development Along NY SMART I-Corridor Encompassing Buffalo, Syracuse and Rochester Unlocks Additional $8 Million in State Funding To Grow New York’s Semiconductor Industry Builds on Governor Hochul’s Commitment to Building 21st Century Economy in New York State; Continuing State's Transformation From Rust Belt to Innovation Belt Governor Kathy Hochul today announced that the U.S. Department of Commerce has awarded a phase two Regional Technology and Innovation Hubs (Tech...

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11 Jun
New York Related News

New York State Governor | Governor Hochul and Mayor Adams Announce Start of Construction on Transformation of South Brooklyn Marine Terminal Into Nation’s Largest Offshore Wind Hub

Governor Kathy Hochul, New York City Mayor Eric Adams, and Equinor Wind US President Molly Morris today announced the start of construction on what will be the nation’s largest dedicated offshore wind port at the South Brooklyn Marine Terminal (SBMT). The project will accelerate the clean energy transition, advance progress toward the state’s Climate Leadership and Community Protection Act (CLCPA) goal to develop 9,000 megawatts of offshore wind by 2035, and create more than 1,000 construction jobs. “We are taking...

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10 Jun
New York Related News

Troutman Pepper | New York LLC Transparency Act Enacted … Again

On March 1, New York Governor Kathy Hochul signed a new version of the New York LLC Transparency Act (NYLTA) into law, repealing the original version enacted in December 2023. The new NYLTA pushes back the law’s effective date to January 1, 2026 (from January 1, 2025). The NYLTA’s application is the same — namely that all limited liability companies (LLCs) formed under New York law, or formed outside of New York that are seeking authorization to do business in...

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12 Apr
Member News, New York Related News

Reavis Page Jump | Recent New York Law Requires Public Registration of LLC Owners Which Takes Effect Later This Year

The new federal Corporate Transparency Act (CTA) has been in effect for the past few months.  A three-part series which was previously published on this website reviewed the many provisions of this law.  In short, the CTA was enacted in order to combat fraud, money laundering, tax evasion, organized crime and other activities which were perpetrated through the use of shell companies, such as LLCs and similar small business entities.  Failure to comply with the law can result in...

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15 Feb
Member News, New York Related News

Ogletree Deakins | Reminder for New York State Employers: Salary Basis Thresholds Increased for 2024

New York recently raised the minimum salary basis thresholds for executive and administrative employees in order to satisfy the exemption from overtime, not to be confused with the separate upcoming increases to salary threshold for the purposes of pay frequency. Salary Thresholds for Overtime Exemptions On December 27, 2023, the New York State Department of Labor (NYDOL) published a notice of adoption in the New York State Register increasing the minimum salary thresholds for exempt executive and administrative employees to $1,200 per week (approximately $62,400...

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17 Jan
Member News, New York Related News

Reavis, Page & Jump | Governor Hochul Vetoes Proposed Ban on Noncompete Agreements in New York State

At the end of 2023, following a breakdown in attempts at compromise with the State Legislature, New York State Governor Kathy Hochul vetoed Senate Bill S3100A, which was passed by both houses of the State Legislature earlier this year, and would have implemented a ban on all noncompete agreements throughout New York State.  While Governor Hochul has expressed support for limiting noncompete agreements for middle-class and low-wage workers, she stated in her veto message that a total ban was...

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16 Jan
Member News, New York Related News

Littler | New York City Council Passes Bill that Would Create a Private Right of Action under the Earned Safe and Sick Time Act

On December 20, 2023, the New York City Council passed a bill (Proposed Int. No. 563-A) that would create a private right of action to seek damages and other relief for violations of New York City’s Earned Safe and Sick Time Act (ESSTA). New York City Mayor Eric Adams has 30 days to sign, veto, or take no action.  If he does not veto the bill within 30 days, it will become law. ESSTA permits employees to use ESSTA leave...

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11 Jan
New York Related News

Troutman-Pepper | New York LLC Transparency Act Enacted

The New York LLC Transparency Act (NYLTA) was signed into law on December 22, 2023. Upon effectiveness on January 1, 2025, all limited liability companies (LLC) that are either formed under New York law or are seeking authority to do business in New York, will be required to disclose, among other information, the identities of their beneficial owners to the NY Department of State, unless a reporting exemption applies. Such beneficial ownership information will be compiled into an internal...

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10 Jan
Chapter News, New York Related News

New York FED – Inflation Expectations Decline Across All Horizons

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the December 2023 Survey of Consumer Expectations, which shows that inflation expectations declined at the short-, medium- and longer-term horizons. Notably, inflation expectations at the short-term horizon reached the lowest level recorded since January 2021. Earnings growth and spending growth expectations also decreased slightly to their lowest recorded levels since 2021, while expectations about credit access and households’ financial situation turned less pessimistic. The main findings...

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13 Dec
Member News, New York Related News

Wilson Sonsini | New York City Announces Reinstatement of Refundable Biotech Tax Credits for Emerging Companies Through 2026

On December 4, 2023, New York City Mayor Eric Adams signed legislation to reinstate previously lapsed tax credits for biotech companies (the Credit), with a view towards bolstering the emerging biotechnology sector in New York City. Eligible companies can apply the Credit against certain New York City taxes for tax years beginning on or after January 1, 2023, and before January 1, 2026. Notably, for eligible companies who do not owe sufficient New York City taxes, the excess amount...

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