On April 7, the New York Legislature approved comprehensive tax legislation (S2509-C/A3009-C) as part of the state’s FY 22 budget. The legislation includes increased taxes on businesses and high-income individuals and a pass-through entity tax option. Other provisions include amendments to the real estate transfer tax and the impact of a remote workforce on state tax benefits.
Several noteworthy items that had been under consideration did not make it into the final bill, including provisions tying S corporations to their federal election for state purposes and allowing the Department of Taxation and Finance to appeal decisions of the Tax Appeals Tribunal.
