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Taxes are Going Up: Highlights from the NYS 2021-2022 Budget | Hodgson Russ LLP

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On April 7, 2021, the Legislature passed and sent to the Governor the bills constituting the 2021-22 budget legislation (the Budget ). New York’s lawmakers had exhibited considerable restraint in the recent past, generally keeping spending increases and thus revenue increases at about the level of inflation. But pent-up spending demand, the COVID pandemic, one-party control of the Senate and Assembly, and a fiscally-conservative Executive perceived as politically weakened, resulted in lawmakers muzzling spending restraint, at least for the next few years. And with the spending increases comes a panoply of revenue-raisers which, given the already unprecedented exodus of wealthy taxpayers from New York over the past year, makes one wonder who will be left to pay such taxes! ....

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Local legislators react to state budget passage

Local legislators react to state budget passage
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Farmworkers Tax Credit Could Double | News, Sports, Jobs

(AP Photo/Gerry Broome)
Legislation has been introduced to double the state’s Farm Workforce Retention Credit from $600 to $1,200 next year with a total price tag to state taxpayers of $50 million a year.
A.3886 was introduced by Assemblywoman Donna Lupardo, D-Binghamton, with several co-sponsors. The credit would increase from $600 in 2020 to $800 in 2021 before increasing to $1,200 in 2022. The legislation also makes the tax credit permanent. Companion legislation, S.3502, has been sponsored by Sen. Michelle Hinchey, D-Kingston.
Farms across New York are contending with a 23.5% in total production costs since 2007 due to increased labor costs. According to 2017 USDA ERS data, farm labor expense in New York was about 13.2% of the value of agricultural receipts, compared to the national average of 9.5%. A recent Farm Credit East report estimates that labor costs will increase by $299 million. ....

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