Main Menu Main Content
Noonan’s Notes Blog

About This Blog

Noonan’s Notes Blog is written by a team of Hodgson Russ tax attorneys led by the blog’s namesake, Tim Noonan. Noonan’s Notes Blog regularly provides analysis of and commentary on developments in the world of New York and multistate tax law. Noonan's Notes Blog is a winner of CreditDonkey's Best Tax Blogs Award 2017.

Contributors

Timothy Noonan 
Ariele Doolittle
Joseph Endres
Daniel Kelly
Elizabeth Pascal 
Craig Reilly
Andrew Wright 

A New Type of Pied-à-Terre Tax: A Surcharge on Non-Primary Owners

At the end of last year, we discussed the latest pied-à-terre tax proposal introduced in the New York Legislature, Senate Bill S44B, and how it compared with prior versions reported in this blog over the past six years. (As you may recall, New York State Senator Brad Holyman sponsored the original proposal to impose a real property tax on nonprimary residences in 2014).  This past weekend, the New York Assembly released its Tax and Revenue budget proposals for 2021-22, Assembly Bill 3009-B (the “Assembly Proposal”), which includes a new type of pied-à-terre tax, a surcharge on the owner!  (The Senate declined to include such tax in its budget proposal.)

New York Legislative Tracker: February 12, 2021 Update

We’re back to our regularly scheduled programming.  For the last two weeks, we took a break from tracking legislative developments to provide a summary of the proposed tax changes in Governor Cuomo’s Executive Budget for fiscal year 2022.  In addition to our overall summary of the Executive Budget, we also took an in-depth look at some of the more noteworthy changes.  (See here, here, and here.)

New York Legislative Tracker: Budget Proposal - February 8, 2021 Update

Welcome to our second post dedicated to providing a summary of the proposed tax changes in Governor Cuomo’s Executive Budget for fiscal year 2022.  The Executive Budget proposes to enact new taxes, credits, and other initiatives, aimed largely at mitigating the revenue shortfalls caused by the COVID-19 pandemic, and are broken down into the following categories:

New York Legislative Tracker: Budget Proposal - February 3, 2021 Update

We’re back!  This week, we have dedicated the post to providing a summary of the proposed tax changes in Governor Cuomo’s Executive Budget for fiscal year 2022.  We’ve already covered some of the proposed tax changes in the Executive Budget that came out late last month (see here, here, and here).  The Budget Proposal sets forth new taxes, credits, and other initiatives, aimed largely at mitigating the revenue shortfalls caused by the COVID-19 pandemic, and are broken down into the following categories:

New York Legislative Tracker: January 22, 2021 Update

We’re back with another update on recently-introduced tax legislation. As discussed last week, we continue to see bills reintroduced that expired at the end of the last session. Two of the more interesting proposals include repealing New York’s estate tax and another so-called “millionaire’s tax.” We’ve also been following the proposed tax changes in the Governor’s Budget proposal that came out earlier this week (see here, here, and here), and next week we’ll dedicate our update to an overall summary of the Budget proposals.

UPDATE: Can a New York Resident Claim a Resident Tax Credit for the Connecticut Pass-through Entity Tax? New Legislation Provides An Answer

By on

In the blog I posted below, more than a year ago, we tried to answer what has been a pressing question about how far New York’s resident credit rules go, and specifically whether NY resident who pays the Connecticut pass-through entity tax (or really any other state’s PTE tax) could claim a resident tax credit in New York for such taxes. Sixteen months later, there still is no direct answer to this question, though I continue to believe there’s some authority under existing law to claim such a credit.  But earlier this week, as part of the Governor’s 2021 Budget Proposal and buried in provisions around a new PTS tax for New York (which we will cover in a separate blog post, don’t worry), there’s this amendment to Tax Law § 620: 

New York Tax Rates Going Up, With a Twist

By on

The day many expected has finally come: Governor Cuomo has officially proposed his 2021 Budget and, as expected, it includes higher personal income tax rates for high-income taxpayers. 

Change on the Horizon? - New York Budget Bill Proposes Pass-Through Entity SALT Cap Workaround

By on

On January 19, 2021, New York Governor Andrew Cuomo published his Fiscal Year 2022 Executive Budget and related legislation (the “Budget Proposal”).  While the Budget Proposal contains a variety of important provisions, this post will cover one of the most notable: the proposed pass-through entity (“PTE”) workaround to the $10,000 limitation on Federal state and local tax deductions (the “SALT cap”).

New York Legislative Tracker: January 14, 2021 Update

We’re back with another update on recently-introduced tax legislation. As discussed last week, we continue to see bills reintroduced that expired at the end of the last session. Two of the more interesting proposals include a bill addressing the taxability of carried interest for investment management services and another proposing a new personal income surcharge on high-income residents of New York City.

New York Legislative Tracker: January 7, 2021 Update

With the start of New York’s new Legislative Session for the 2021-22 term, we are eagerly anticipating the introduction of new tax legislation and we plan to cover those developments here. We’ll be tracking all noteworthy legislative developments on a weekly or bi-weekly basis, and this is our first installment of 2021.

As expected, we are already seeing bills reintroduced that expired at the end of the last session. Given the uptick in working remotely due to COVID-19, one of the more interesting proposals addresses the tax treatment of telecommuting employees. While some of these efforts may fail, New York is experiencing multibillion-dollar revenue shortfalls and will be increasingly looking to businesses and high earners to ease the revenue shortfalls being faced due to the COVID-19 pandemic.

Attorney Advertising
Hodgson Russ LLP

Principal Address:
The Guaranty Building
140 Pearl Street, Suite 100
Buffalo, NY 14202
Tel: 716.856.4000
Stay Connected
RSS LinkedIn

About This Firm

Hodgson Russ attorneys facilitate the U.S. legal aspects of transactions around the world. We practice in every major area of law and use multidisciplinary work teams to serve the specific, often complex, needs of our clients, which include public and privately held businesses, governmental entities, nonprofit institutions, and individuals.