This site uses cookies. and this alert will appear once and then not again.

Governor Andrew Cuomo (D) on January 19 announced a revenue bill (legislation) as part of the state’s FY 22 budget that proposes to increase the personal income tax rate on taxpayers with income in excess of $5 million; pause the phased reduction of middle-class tax rates; introduce an optional pass-through entity tax; require all federal S corporations that are subject to tax in New York to be treated as S corporations for state tax purposes; amend the state’s real estate transfer tax, subject all vacation rentals to sales and use taxes; modify several credits, including extending the film tax credit for one year; make other tax changes.