On April 7, 2021, the Legislature passed and sent to the Governor the bills constituting the 2021-22 budget legislation (the "Budget"). New York's lawmakers had exhibited considerable restraint in the recent past, generally keeping spending increases—and thus revenue increases—at about the level of inflation. But pent-up spending demand, the COVID pandemic, one-party control of the Senate and Assembly, and a fiscally-conservative Executive perceived as politically weakened, resulted in lawmakers muzzling spending restraint, at least for the next few years. And with the spending increases comes a panoply of revenue-raisers which, given the already unprecedented exodus of wealthy taxpayers from New York over the past year, makes one wonder who will be left to pay such taxes!
DESIGNED FOR
CPAs and Business Owners, who wish to understand how the NY State Budget impacts 2020 Tax Returns and the 2021 Tax Season
BENEFITS
Understand the latest developments and major tax law provisions of the NY State Budget for 2021/2022.
HIGHLIGHTS
- Temporary income tax rate increases for high-income-earners;
- Pass-through entity tax;
- Temporary corporate income tax rate increase and reinstatement of capital base tax;
- No more Opportunity Zone benefits;
- Pandemic Recovery and Restart Program;
- Extension/modification of existing credits/exemptions;
- Real Property Tax Relief credit;
- Real Estate Transfer Tax ("RETT") amendments;
- Employees working outside of New York due to COVID.
PREREQUISITES
Basic knowledge of income taxes
ADVANCE PREPARATION
None
ADDITIONAL NOTES
NYSSCPA prod