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.)

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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:

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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:

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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.

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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.

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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.

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“Of Interest” Proposed Legislation In New York: What’s Pending and What It Could Mean

This blog post will cover several noteworthy, recently-introduced pieces of New York tax legislation. While these bills are set to expire today at the end of the current legislative session, these bills may be reintroduced when the new legislative session begins in January 2021. If ultimately passed, these new pieces of legislation could have a significant impact on New York taxpayers, so we plan to keep these bills on our radar and track their progression through the legislative process when the new session begins.

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Another New York False Claims Case in the News

Late last week, New York’s Attorney General Letitia James filed a Superseding Complaint against a photo and video equipment retailer, B&H Foto & Electronics Corp., in New York County Supreme Court. The Superseding Complaint alleges various violations by the retailer under New York State’s Tax Law, False Claims Act, and the Executive Law, spanning the past two decades. A whistleblower actually filed the qui tam civil suit under seal in early 2016, after which New York State was given time to investigate the matter. But it wasn’t until just recently that the Attorney General’s office notified the court of its decision to supersede the whistleblower’s complaint and, in doing so, converted the whistleblower’s complaint into a civil enforcement action by the Attorney General.

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New York Residency in the Spotlight: A Presidential Declaration of Florida Domicile

As the kids were out trick-or-treating last night, The New York Times dropped yet another bombshell concerning ongoing potential tax issues for President Trump. But this one did not concern requests for copies of his tax returns; this one was generated by the President himself. 

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New York’s High Court Halts Wynne Challenges

Last week, New York’s highest court issued a disappointing blow to our New York “Wynne challenges,” the two cases brought to challenge the double taxation scheme that applies to taxpayers who are dual residents in New York and another state. In both cases, Chamberlain and Edelman (previously covered here), we argued that the U.S. Supreme Court’s 2015 decision in Comptroller v. Wynne upended New York’s prior precedent on this issue (Tamagni v. Tax Appeals Tribunal). But the Court declined to hear the taxpayers’ appeals from the lower court decisions, and did so by way of two two-sentence orders with no analysis or explanation.

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