Key Individual Tax Provisions Tax Rate Increases for High Income Individuals, Estates and Trusts If you have questions on how these provisions will affect you or your business please call us. Several items in the proposed budget were cut from the final version including increases in the estate tax rate, a new property tax on high-value 2 nd homes in New York City, a sales tax on vacation rental properties, and a requirement that all federal S corporations would be treated as New York S corporations.īelow is a summary of selected significant tax provisions contained in this legislation. Covid Relief Credits for Restaurants that Increase Employment.Decoupling from the federal Qualified Opportunity Zone Program.An optional Pass-Through Entity Tax Credit.Increased individual tax rates for high income taxpayers.The Budget also includes other tax incentives and benefits including real property tax relief for individuals and childcare incentives for businesses. The Budget enacts relief provisions for businesses impacted by COVID-19 including a grant program for small businesses that didn’t qualify for other federal COVID benefits, a credit for restaurants that increase employment, and extensions of several existing credit programs. On April 7, 2021, the New York State Senate and Assembly passed significant tax legislation as part of the 2021 – 2022 New York State budget (Senate bill S2509-C / Assembly bill A3009-C) which was signed into law by Governor Cuomo on April 19, 2021. Key Tax Changes in the 2022 New York State Budget
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