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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