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New York state enacts FY 2015-16 budget legislation providing extensive New York state and city tax reform

On April 13, Gov. Andrew Cuomo signed the final version of the FY 2015-16 New York state (state) budget legislation, which he described as the result of the hardest budget negotiation he has dealt with since taking office. Taxpayers expecting the legislation to be adopted at the very end of the first quarter for tax provision purposes as it was last year were given an early April Fool’s, as the bills were not presented to the governor until the early hours of the morning on April 1. The budget includes substantial revisions to the New York City (city) tax regime as well as technical clarifications and expansion of the sweeping state tax reform legislation passed last year. The city reforms comprise what city officials described as the largest tax overhaul since the 1940s, although many of the changes simply retroactively conform to the state reforms that went into effect on Jan. 1, 2015. The revenue-neutral tax reforms are intended to provide tax relief for local and small business taxpayers while increasing taxes for larger established businesses, as well as those located outside the city.

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