New for 2021
A summary of 2021 legislative changes is provided below.
Personal income tax
- Brownfield redevelopment tax credit (Articles 9, 9-A, 22, and 33)
- COVID-19 family death benefit program (Article 22)
- Decoupling from federal tax treatment of gains invested in a Qualified Opportunity Fund (QOF) (Articles 9-A, 22, and 33)
- Deduction for repayment of amounts reported in a taxpayer's income in a previous tax year (Article 22)
- Empire state musical and theatrical production credit (Articles 9-A and 22)
- Empire state film production and empire state film post-production credits (Articles 9-A and 22)
- Employer-provided childcare credit (Articles 9-A, 22, and 33)
- Excelsior jobs program tax credit (Articles 9-A, 22, and 33)
- Farm workforce retention credit (9-A and 22)
- Hire a veteran credit (Articles 9-A, 33, and 22)
- Increase Wage and Withholding Filing Penalty (Article 22)
- Low-income housing credit (Articles 9-A, 22, and 33)
- New York City musical and theatrical production tax credit (Articles 9-A and 22)
- Modernization of real property transfer reporting (Tax Law Articles 22 and 31; Real Property Law Article 9)
- Overpayment interest threshold (Articles 22 and 27)
- Pass-through entity tax (Articles 22 and 24-A)
- Personal income tax rates (Article 22)
- Real Property Tax Relief Credit (Article 22)
- Rehabilitation of historic properties tax credit (Articles 9-A, 22 and 33)
- Restaurant return-to-work credit (Articles 9-A and 22)
- Subtraction modification for COVID-19 pandemic small business recovery grants (Articles 9-A and 22)
- Tax preparer regulation and enforcement (Articles 9, 9-A, 22, and 33)
- Yonkers resident income tax surcharge and the Yonkers earning tax on nonresidents extended (Articles 30-A and 30-B)
Corporation taxes
- Brownfield redevelopment tax credit (Articles 9, 9-A, 22, and 33)
- Certain taxicab or omnibus corporations excluded from tax under tax law section 184 (Article 9)
- Changes to the business income base and capital base tax rates (Article 9-A)
- Decoupling from federal tax treatment of gains invested in a qualified opportunity fund (QOF) (Articles 9-A, 22, and 33)
- Empire state musical and theatrical production credit (Articles 9-A and 22)
- Empire state film production and empire state film post-production credits (Articles 9-A and 22)
- Employer-provided childcare credit (Articles 9-A, 22, and 33)
- Excelsior jobs program tax credit (Articles 9-A, 22, and 33)
- Farm workforce retention credit (Articles 9-A and 22)
- Hire a veteran credit (Articles 9-A, 33, and 22)
- Low-income housing credit (Articles 9-A, 22, and 33)
- New York City musical and theatrical production tax credit (Articles 9-A and 22)
- Overpayment interest threshold (Articles 22 and 27)
- Rehabilitation of historic properties tax credit (Articles 9-A, 22 and 33)
- Restaurant return-to-work credit (Articles 9-A and 22)
- Subtraction modification for COVID-19 pandemic small business recovery grants (Articles 9-A and 22)
- Tax preparer regulation and enforcement (Articles 9, 9-A, 22, and 33)
- Utility COVID-19 debt relief credit (Article 9, Section 186-a)
Sales tax
- Exemption for transactions related to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Article 28)
- Exemption for breast pump parts and supplies (Article 28)
- Extension of the vending machine exemption for candy, fruit drinks, soft drinks and bottled water (Article 28)
- Extension of tax exemptions for alternative fuels (Articles 12-A, 13-A and 28)
- Racing admissions tax (Racing, Pari-Mutuel Wagering and Breeding Law Articles 2, 3, 4, and 10; Tax Law Article 28)
- Tax preparer regulation and enforcement (Article 1)
- Sales tax rate changes
Other tax types
Alcoholic beverages tax
Racing admissions tax
Fuel use tax
Petroleum business tax
Taxicab and hail vehicle trip tax
Congestion surcharge
Highway use tax
Medical cannabis
Adult-use cannabis
Cigarette tax
Real estate transfer tax
- Definition of person expanded under the real estate transfer tax (Article 31)
- Responsibility for the payment of the real estate transfer tax (Article 31)
- Calculation of transfer tax no longer grossed-up under certain circumstances (Article 31)
- Limited liability company (LLC) reporting changes (Article 31)
- Modernization of real property transfer reporting (Tax Law Articles 22 and 31; Real Property Law Article 9)
Updated:
