Advocacy

​​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…

​Today, Governor Cuomo kicked off the 2020 legislative session with the State of the State address. This address is typically an opportunity for the Governor to outline major policy priorities for the coming year. During the address, Cuomo unveiled the broad strokes of an agenda which includes several items of interest to independent agents and brokers. Small Business Tax Cut: The governor has proposed cutting the tax rate for businesses employing fewer than 100 workers and with less than $390,000 in income from 6.5% to 4%. Gig Economy: The governor plans to introduce legislation to reclassify “gig workers" such as rideshare drivers, delivery workers, and…

​​Governor Cuomo has signed legislation that will help ease burdens on small businesses by implementing a “cure period" in which to correct minor regulatory violations. The cure period is granted upon a first-time violation of a state agency's rules or regulations related to paperwork submitted or actions and omissions that are “de minimus". A regulatory agency must provide a small business (defined as a New York resident business with less than 100 employees that is not dominant in its field) no less than 90 days to remedy the violation. If the violation is corrected during the cure period, no penalties are issued. The cure period…