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To embed, copy and paste the code into your website or blog: New York’s Fiscal Year 2022 budget increases taxes on corporations and high earners and provides relief to pandemic-hit industries. TAKEAWAYS Temporary increased rate for and extension of the capital base tax through 2024. Elective pass-through entity tax to circumvent federal state and local tax deduction cap. The New York Legislature passed New York State’s Fiscal Year 2022 budget (Budget Bill) on April 6 and 7, 2021. The Budget Bill now awaits Governor Cuomo’s signature, which is expected this week. Under the New York Constitution’s Executive Budget process, the appropriations provisions included in the Governor’s original proposed budget became law immediately upon being passed by the Legislature. If Governor Cuomo takes no action, the entirety of the bills will become law ten days after being passed by the Legislature.

New yorkUnited statesRevenue serviceLegislature or new york department of taxationRestaurant resiliency grant programBudget billFiscal yearCorporate franchise taxNew york departmentIncome taxEntity level taxNew york sourcedNew york personal incomePersonal income taxTax cutsInternal revenue service