Key Changes of the NY Budget Bill for Individuals and Businesses

On April 19, 2021, Governor Cuomo signed into law S2509C/A3009C, the New York FY 2021-2022 State Budget Bill (“Bill”), which includes provisions for tax rate changes for individuals and corporations, a new elective Pass-through Entity Tax, and clarity on credits with a remote workforce during the COVID-19 pandemic. The Bill also decouples New York from the federal exclusion and deferral of capital gains for investments in qualified opportunities funds (QOFs).

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If you would like to discuss how your business may be impacted or would like more information about Bennett Thrasher’s State & Local Tax services, contact Brian Sengson or Stephen Bradshaw by calling 770.396.2200.

 

The content of this article is intended for general purposes only. This article is not intended to provide accounting, tax, legal or other professional advice.