NEW YORK Today, New York State Senator Brad Hoylman (D/WF-Manhattan), Chair of the Senate Judiciary Committee, issued the following statement in response to news reports that former President Donald Trump’s lawyers are arguing that New York’s TRUST Act no longer applies to him. The TRUST Act, authored by Senator Hoylman and passed in 2019, authorizes the New York State Department of Taxation and Finance to share tax return information of certain elected officials and political appointees with a requesting Congressional committee.
Senator Hoylman said: “The TRUST Act explicitly applies to New York State tax returns including past returns filed by elected officials including the President of the United States. Nothing in the statute suggests that it no longer applies once a covered individual leaves elected office. Trump has repeatedly demonstrated that he’s desperate to avoid scrutiny of his tax returns, so I’m not surprised by his latest attempt to wriggle out of the
Trump says New York tax law doesn t apply because he s not president accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.
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For the renewable energy industry, the focus this New York budget season has been on the potential adoption of a defined methodology for real property taxation of wind and solar projects, hopefully bringing some uniformity and certainty to project valuation. Anticipating that effort, last year, the Legislature created an annual reporting requirement for electric-generating facilities. As of January 1, 2020, owners of single electric-generating facilities or multiple electric-generating facilities located on the same New York site with nameplate capacity of one megawatt or greater must file an Annual Report, formally known as Form RP-575, with the State Department of Taxation and Finance Office of Real Property Tax Services (ORPTS).[1] Last year, due to the onset of the COVID-19 pandemic, the deadline to submit the report was extended from April 30 to June 30. This year, however, ORPTS confirmed by telephone that th
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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 taxable inc
Nearly 900 Cartons of Illegal Cigarettes Seized Across Onondaga County urbancny.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from urbancny.com Daily Mail and Mail on Sunday newspapers.