New York Related News

New York Related News

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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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Governor Cuomo Announces 2021 Economic & Infrastructure Development Grants Available for Northern Border Communities

$4.6 Million Available for Eligible Projects Within 28 New York State Counties Grant Applications are Available Here and Due by 5 PM on May 14, 2021 Governor Andrew M. Cuomo today announced $4.6 million in federal grant funding is available for economic and community development within New York's Northern Border Region. Competitive grant funding is available for qualified projects within New York's 28 federally-designated Northern Border Regional Commission Counties. "We are moving forward to build back better than ever before, and the Northern Border...
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Grassi | Remote Workforces May Bring UBT Savings for NYC Businesses

While New York State has maintained that non-residents who telecommuted to their NY-based jobs during COVID-19 are still subject to the state’s personal income tax under the convenience of the employer rule, the issue is less clear when it comes to business taxes, such as the NYC Unincorporated Business Tax (UBT). Partnerships, LLCs or sole proprietorships that are subject to the UBT may be able to realize additional tax savings on their 2020 returns due to their remote workforces. This is because the...
Member News, New York Related News

Marks Paneth | New York State budget proposals: What’s in store for high-net-worth individuals?

On January 19, 2021, Governor Andrew Cuomo outlined the Fiscal Year (FY) 2022 Executive Budget in the wake of the ongoing COVID-19 pandemic. The timing and amount of federal aid will determine the level of tax increases that will be enacted by the state in FY 2022. If Congress fails to provide at least $15 billion in funding, the New York State Executive Budget proposes several significant tax law changes, as follows. Increase in Tax Rates on Highest Earners:  The...
COVID-19 News, Member News, New York Related News

Grassi & Co. | Moves out of NYC Muddy the SALT Waters for NYS Residents

While a halt in state income tax payments can trigger a residency audit in many states, New York City is one of the few municipalities to aggressively pursue them. With office buildings across the city dark for most of 2020 and employees flocking to other states or second homes, many taxpayers are left wondering where their 2020 resident state and local tax (SALT) obligations lie. This issue is often the blurriest for New York State residents, who still reside in...
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Ogletree | New York City Says Goodbye to At-Will Employment for the Fast Food Industry

On January 5, 2021, New York City Mayor Bill de Blasio signed legislation that effectively ends at-will employment for fast food employees in New York City. The new law takes effect on July 4, 2021, and would make New York City the nation’s first jurisdiction to create job protections for a particular industry. However, at least some portions of the new law may be ripe to challenge on federal preemption and other grounds. The new law was passed via...
COVID-19 News, Member News, New York Related News

RPJ | Covid-19 Regulations: Where We Are and Where We Are Headed

Introduction The rollercoaster ride of 2020 has sure had its ups and downs, and 2021 is destined to continue this trend with regulatory action expanding and contracting in order to attempt to contain the spread of Covid-19 while balancing the desire to keep the economy going. This guide examines regulations that have been put in place primarily in New York to deal with Covid-19, but also throughout the United States, and projects future regulatory and related trends and repercussions that...
COVID-19 News, Member News, New York Related News

CEA Legal | Real Estate: Personal Liability-Related Challenges Faced By Commercial Landlords During the Pandemic

November 09, 2020 | Recently, Mayor de Blasio signed a new measure into law that bans landlords from attempting or threatening to enforce personal liability clauses in the existing contracts of business owners to whom they have leased their properties. Enacted in May and applied retroactively to the beginning of March, this specific law was set to expire at the end of September. However, as a result of the Mayor’s extension, the law will now apply through March of next...

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