New York Enacts Budget Bill

New York S. 2509C/A. 3009C, the fiscal 2022 budget bill signed into law as Chapter 59, extends the top state income tax rate; further reduces the personal income tax rates for middle-class taxpayers; imposes a passthrough entity tax; provides an exemption from specified franchise taxes; imposes sales tax on admissions to race tracks and simulcast facilities; exempts from sales and use tax specified tangible personal property and services; increases the total dollar amount for vendors' gross receipts necessary for registration filing; imposes liability for real estate transfer taxes on responsible persons, prohibits grantors from passing real estate transfer tax to grantees, and exempts specified organizations from the limited liability company disclosure requirement; clarifies liability for the collection of taxes on medallion taxicab trips and congestion surcharges; increases tax return preparer penalties for failure to register; provides property tax exemptions for manufactured home park owners or operators and mobile home owners; extends the alternative fuels tax exemptions for five years; extends the provisions of the farm workforce retention credit through tax year 2024; extends the credit against income tax for persons or entities investing in low-income housing; increases the aggregate cap on the musical and theatrical production credit; clarifies that work performed remotely within the state in light of COVID-19 qualifies for specified tax credit programs; modifies the interest rules on overpayments of personal income and corporate taxes; extends the sales tax exemption for specified food and drink vending machines; and establishes a COVID-19 recovery grant program for small businesses.