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2 weeks ago | 
news.bgov.com | Zach Williams |Danielle Dunn
New York Gov. Kathy Hochul on Monday announced she had reached a deal with legislative leaders on a $254 billion budget that would raise payroll taxes on employers. The budget agreement also would overhaul criminal discovery laws by giving judges options beyond dismissing cases when prosecutors don’t reveal all evidence related to a case. Hochul also secured a ban on smartphones in public schools and lower barriers to involuntarily committing people with serious mental illnesses into treatment.
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Jan 8, 2025 | 
bloomberg.com | Danielle Dunn
New York City residents, already grappling with some of the country's highest housing prices, face extra costs to comply with a law mandating greenhouse gas emission cuts at their buildings. At Queensview cooperative, residents in the 726-unit housing complex — about half of whom are retirees — fear that their roughly $1,000 maintenance fee will soon double to cover the cost of electrifying their heat and hot water systems over the next five years.
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Jan 4, 2024 | 
news.bloombergtax.com | Danielle Dunn
A proposal pending in Detroit to change how land value is taxed is echoing in the effort of a New York lawmaker who is proposing a bill to pilot a similar system. The bill, S7871, would establish a pilot program for up to five municipalities to tax land at a higher rate than buildings on land. The split-rate tax is designed to “encourage the optimal use of land by providing a reduced tax increase for land development,” according to the justification for the bill, whose sponsor is state Sen.
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Jan 3, 2024 | 
news.bloombergtax.com | Danielle Dunn
A new bill would give businesses more time to take advantage of New York’s workaround for the $10,000 federal deduction limit for state and local taxes. Assemblymember Amy Paulin (D) has proposed a bill, A8451, that would push back the deadline for choosing to pay the state’s pass-through entity tax from March 15 to Sept. 15, applicable for tax years beginning on or after January 2024.
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Jan 3, 2024 | 
news.bloomberglaw.com | Danielle Dunn
A broad housing coalition has one more shot to convince a state court that its lawsuit to force reform of New York City’s arcane property tax system should move forward.
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Dec 28, 2023 | 
news.bloombergtax.com | Danielle Dunn
New York Gov. Kathy Hochul (D) is facing pressure from progressive groups and lawmakers to raise taxes on the wealthy and find new revenue streams, with the state facing multibillion budget gaps in the years ahead. The push comes as Hochul prepares to give her State of the State address in early January, outlining her priorities for the new legislative session and upcoming budget negotiations.
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Dec 27, 2023 | 
news.bloombergtax.com | Danielle Dunn
New York has adopted regulations implementing what it called “the most extensive restructuring of New York State’s corporate tax framework since the 1940s” and finalizing a nearly decade-long process. The state Department of Taxation and Finance on Wednesday submitted the adopted rules for publication in the State Register, providing details on how to calculate corporate taxes under the tax reform law passed in 2014.
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Dec 23, 2023 | 
news.bloombergtax.com | Danielle Dunn
New York Gov. Kathy Hochul (D) on Friday signed a bill that exempts federal student loan relief from state income tax. The legislation, S143, was introduced and passed in the Senate and Assembly after President Joe Biden announced the federal government would forgive $400 billion in student loan debt for lower- and middle-income earners—a plan that the Supreme Court ultimately struck down in June.
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Dec 22, 2023 | 
news.bloombergtax.com | Danielle Dunn |Zach Williams
Gov. Kathy Hochul (D) approved a bill requiring limited liability companies to disclose their beneficial owners, but lawmakers agreed to keep that information from being listed publicly. The move eliminates a key aspect of the legislation, , that proponents have said would help peel away a layer of anonymity that can be exploited to avoid taxes, launder money, and cheat construction workers out of wages.
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Dec 22, 2023 | 
news.bloomberglaw.com | Danielle Dunn |Zach Williams
Gov. Kathy Hochul (D) approved a bill requiring limited liability companies to disclose their beneficial owners, but lawmakers agreed to keep that information from being listed publicly. The move eliminates a key aspect of the legislation, , that proponents have said would help peel away a layer of anonymity that can be exploited to avoid taxes, launder money, and cheat construction workers out of wages.
