Todd J. Tranum
President and CEO of the Chautauqua County Chamber of Commerce & Executive Director of the Manufacturers Association of the
The Governor’s Executive Budget outlined this past week offers a stark and sobering look at the year ahead for New York State. There are essentially two scenarios: one bad and one worse.
In the wake of the COVID-19 response over the past ten months, New York state faces a $15 billion deficit this year. Tax revenue is down dramatically statewide due to business shutdowns and job losses. At the same time, expenses rose as the state scrambled to respond to the pandemic with providing personal protective equipment, reopening protocols and communication, testing, and now vaccine distribution. Over the next four years the Governor projects the state will have a $39 billion revenue shortfall.
New York Governor Andrew Cuomo released his Fiscal Year 2022 budget and accompanying legislation on January 19, 2021 (the Budget Bill). Although the State projects billions of dollars.
After befriending the son of then-Mayor Richard M. Daley nearly two decades ago, Symon Garber built the city’s largest fleet of taxis.
He became Chicago’s taxicab king, at one point operating 800 cabs. But today he appears to be out of business.
No one answers the phone at the offices near McCormick Place, where his fleet of maroon-colored cars sits idle inside a fenced property he recently sold to a developer who plans to build an arena across the street for esports competitions.
A judge has ordered Garber to pay $47.6 million to settle one of many lawsuits his lenders have filed to collect the millions in loans they gave him based on the soaring prices of his taxi medallions the embossed pieces of metal issued by the city of Chicago that confer the right to operate a cab and which are bought and sold for whatever price the market might bear.
Some remote workers are bracing for a potential tax headache. FOX Business’ Gerri Willis with more.
The rise of remote workers during the COVID-19 pandemic has led to a showdown in the U.S. Supreme Court over which state gets to tax their income.
More than a dozen states submitted legal briefs this week to weigh in on a petition that New Hampshire filed with the court in October to stop Massachusetts from taxing residents working remotely. The petition says Massachusetts doesn t have the right to tax the income of New Hampshire residents who previously commuted to their jobs in Massachusetts but now work from home.
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The end of 2020 is here. A time to reflect and appreciate the memories and blessings of the past.oh, never mind. I can t even fake it. 2020 is finally coming to a close. So long. Farewell. Good riddance.
Most of us will happily say goodbye to global pandemics, disputed elections and struggling economies. The road to recovery is hopefully in front of us, leaving behind a year of unexpected twists and turns and bumps (and a few holes) in the road.
While COVID-19 has undoubtedly overshadowed most news from 2020,including New York state tax news, there actually were tax updates over the past 12 months, a few of which were even unrelated to the fallout from the worst global pandemic in over a century.