Tax Cuts, Higher Fines and Penalties: NY Executive Budget a Mixed Bag for IA’s
The FY2021 Executive Budget language was released last night, and Big I NY has identified a number of issues that affect independent agents and brokers. The next step in the budget process is the Assembly and Senate budget proposals, called “one house budgets", which are typically released in late February or early March. Then the Governor and Legislative leaders will negotiate on a final budget which must be voted on and signed by April 1. The Good: The Executive Budget proposes a small business tax cut, which will lower the current corporate tax rate from 6.5% to 4% for businesses with less than 100 employees and…