New York is now one of only 14 states still imposing any tax on estates — the cash, land, houses, financial assets and other property left by deceased residents. The state estate tax, also called the "death tax," is triggered once assets exceed $1 million. By contrast, the federal government only taxes estates worth more than $5.34 million, a figure that will rise with inflation every year. Read More
Gov. Cuomo today signed a bill that further distances him from the longstanding state policy of tying strong oversight strings to deficit bonding requests from fiscally troubled local governments. Read More
In an apparent concession to construction trade unions, one of Governor Cuomo’s 30-day budget bill amendments would effectively require use of project-labor agreements (PLAs) on “design-build” infrastructure contracts of more than $10 million. This raises the likelihood that savings made possible by the use of the design-build method will be undermined by the imposition of PLAs, which favor less efficient union labor. Read More
Anyone with a “permanent place of abode” in New York is required by law to pay income taxes to the state — and to New York City, as well, if the “abode” is there. But if you’re an out-of-state resident who sets up and maintains a rent-free home for your parents in New York, does that make you a New York resident, too? Read More
Shared services, dissolution and mergers remain viable options for taxpayers and elected officials facing challenging fiscal environments and historically high taxes Read More
A challenging fiscal environment and notoriously high property taxes have raised structural and service issues to new levels as communities explore the potential efficiencies to be gained through shared services, dissolution and consolidation. Read More
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Click headline for data table. Read More