News & Analysis as of

State and Local Government › Taxation › New York

Farrell Fritz, P.C.

2026 Property Tax Levy Growth Cap Remains at 2%

Farrell Fritz, P.C. on

New York State Comptroller, Thomas P. DiNapoli, recently announced that the 2026 property tax levy increases will be capped at 2%.  The 2% limitation affects local governments including counties, towns, fire districts, 44...more

Farrell Fritz, P.C.

Responding to NYS Tax Department Letters: Key Steps for Taxpayers

Farrell Fritz, P.C. on

Earlier this month, New York State Department of Taxation and Finance published a press release explaining what taxpayers should do when they receive a letter from the Tax Department. The press release outlined several...more

Rivkin Radler LLP

New York Sales Tax: When a Responsible Person Acts Irresponsibly

Rivkin Radler LLP on

Late last year, the Office of the State Comptroller (the “OSC”) estimated that sales and use tax receipts would increase by 2.3% in the SFY 2024-2025. The OSC also projected that collections from sales and use taxes would...more

McDermott Will & Schulte

Window Closing for New Yorkers to Take Advantage of Expanded Federal Tax Exclusions and Exemptions

McDermott Will & Schulte on

The federal gift and estate tax exclusions and the generation-skipping transfer (GST) tax exemption increased significantly under the Tax Cuts and Jobs Act of 2017 (TCJA). Recent inflation adjustments have expanded them even...more

McDermott Will & Schulte

Expanded Federal Tax Exclusions and Exemptions Mean Greater Opportunities for New Yorkers

McDermott Will & Schulte on

The federal gift and estate tax exclusions and the generation-skipping transfer (GST) tax exemption increased significantly under the Tax Cuts and Jobs Act of 2017 (TCJA). Recent inflation adjustments have expanded them even...more

McDermott Will & Schulte

New York Budget Legislation Contains Significant Tax Provisions

McDermott Will & Schulte on

New York Governor Kathy Hochul and the New York State Legislature have reached an agreement on the state’s fiscal year 2024 budget legislation. Most surprisingly, the legislation grants the New York State Department of...more

Foley Hoag LLP - Cannabis and the Law

OCM Community Outreach Continues: Conditional Adult Use Retail Licensing Workshop

Foley Hoag LLP - Cannabis and the Law on

The New York State Office of Cannabis Management hosted a “Get Ready, Get Set,” workshop to provide community members with vital information about the Marijuana Regulation and Taxation Act (MRTA) and the conditional adult use...more

Sheppard Mullin Richter & Hampton LLP

New York Governor Releases Updated 421-a Program

Sheppard Mullin Richter & Hampton LLP on

Earlier this month, New York Governor Hochul’s executive budget introduced a proposal for an updated 421-a Real Estate Tax Exemption Program. Referred to as “Affordable Neighborhoods for New Yorkers” and proposed under a...more

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