NY Boosts Payroll Tax For Large Biz, Cuts Income Tax Rates

Hodgson Russ Tax Residency Practice Leader Timothy Noonan weighed in on new provisions in the New York State Budget (passed May 9, 2025) and its new requirements regarding tax reporting for partnerships.

Governor Kathy Hochul initially proposed that partnerships be required to report any adjustments made at the federal level and pay state tax liability on behalf of their partners. While the current iteration is slightly different than the Governor’s formative plan, Tim says, the final version of the Budget brings New York more in line with other states, as it allows partners to elect to pay the tax liability.

Read the full article and see Tim’s analysis below.