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New York Legislature finalizes FY 2022 budget | Eversheds Sutherland (US) LLP


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On April 6 & 7, 2021, the New York Assembly and Senate passed Fiscal Year 2022 budget legislation addressing revenues and taxation (the Budget Bill). The Budget Bill is part of a broader deal between Governor Cuomo and both chambers of the Legislature. The Budget Bill is expected to raise $3.5 billion in new tax revenue in FY 2022 and $4.3 billion in new tax revenue in FY 2023. Following is a brief summary of some of the tax provisions contained in (and excluded from) the Budget Bill:
Significant revenue raisers
Personal income tax rate increases – For tax years beginning in 2021, the Budget Bill will increase the current highest marginal personal income tax rate from 8.82% to 9.65% for single filers reporting over approximately $1.1 million in taxable income, heads of households reporting over approximately $1.6 million in taxable income, and married filers reporting over approximately $2.15 million in ....

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Amedore encourages political balance after 13 years in office


ALBANY — Reflecting on 13 years in public office, Republican Sen. George Amedore encouraged state lawmakers to fight for upstate communities and for political balance in the Democratic-controlled Legislature in the next session as the retiring legislator looks ahead to a new chapter.
Amedore, of Rotterdam, served as state senator for the 46th Senate District since 2014 and left office Dec. 31. The 46th Senate District encompasses a portion of Albany County, all of Montgomery and Greene counties, and portions of Schenectady and Ulster counties.
Amedore is a second-generation owner and president of the family business, Amedore Homes, and previously served in the state Assembly from 2007 to 2012 representing Mongtomery and Schenectady counties. ....

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