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New York Related News
New York Related News
11
Jan
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...
10
Jan
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...
13
Dec
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...
04
Dec
On November 17, 2023, the New York governor signed into law S4516, which amends Section 5-336 of the New York General Obligations Law to restrict certain terms from being included in release agreements involving claims of discrimination, harassment, or retaliation. The amendments went into effect immediately and apply to agreements entered into on or after the effective date.
Section 5-336 is one of the original #MeToo statutes. It was intended to limit the use of confidentiality agreements that prevent victims...
25
Sep
Earlier this year, New York State joined a growing number of states and cities that have passed laws mandating salary disclosure when advertising open positions. New York’s salary transparency law requires employers to post salary ranges in job advertisements that promote jobs that will be performed, in whole or in part, in New York State, and in advertisements for jobs that report to supervisors located in New York State.
Although this law went into effect on September 17, 2023, the New...
17
Aug
Since 2015, the Department has posted to its website nonbinding drafts of various regulatory amendments for public comment prior to the formal process for proposing and adopting regulations. The Department solicited public comments, and the draft regulations were amended in response to those comments over the years. Last summer the Department posted final draft regulations to its website. The current proposed regulations contain various changes from the 2022 draft regulations and have been formally proposed by the Department pursuant...
17
Aug
Under a recently introduced bill, employers across New York State could face new restrictions on the electronic surveillance of workers and the growing use of automated decision-making and artificial intelligence (AI) technology to make employment decisions.
Quick Hits
Proposed New York State bill would restrict employers’ use of electronic monitoring and automated employment decision-making technology.
The bill would require employers to notify employees and job candidates that such tools are being used and specifically require automated employment decision tools to...
03
Jul
Summary
On June 20, the New York State Legislature passed a bill prohibiting noncompetes. The bill currently awaits Governor Hochul’s signature. If signed into law, it will take effect just 30 days later, but will only be applicable to contracts entered into or modified on or after the effective date — it will not have retroactive effect.
The proposed law would prohibit employers from entering into noncompete agreements with “covered individuals,” which, as explained in more detail below, clearly includes employees...