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April 8, 2021

New York State budget agreement reached, includes income tax increases for businesses and individuals, new tax on pass-through entities

Yesterday, the New York State Assembly passed the revenue legislation part of the FY 2021-22 budget bill (S.2509-C/A.3009-C), which includes various tax increases and provisions affecting certain individuals, pass-through entities and corporations. The legislation goes next to Governor Andrew Cuomo, who is expected to sign it soon. Details on the bill's key provisions can be found here. A Tax Alert is forthcoming.