On April 11, 2022, New York's governor signed a landmark budget that provides significant tax relief for individuals and businesses for Fiscal Year 2022-2023. Included among these provisions are: COVID recovery assistance for small businesses; sizable investments in education and healthcare; income tax cuts for middle-class families; expanded child care support; a moratorium on fuel tax; and tax credits for green energy providers. In this timely self-study webinar, we will address:
- Personal tax
- Pass-Through Entity (PTE) tax revisions
- Sales and use tax
- Gas tax suspension
- Other credits and incentives
To provide tax professionals with updates on the landmark provisions included in New York's 2022-2023 Fiscal Year budget which passed in April 2022.
-
Personal Income Tax
- Middle-class income tax cuts
- Earned Income Tax Credit
(EITC) -
Pass-Through Entity (PTE) Tax
- S Corp eligibility -
Sales & Use Tax
- Vending machines -
Gas Tax
- Suspended through 2022 -
Credits & Other Incentives
- COVID-19 expenses for small
businesses
- Credits for:
- Child care
- Digital gaming companies
- Geothermal energy providers
- Film and theater productions
- Veteran employment programs
- Farmers
- Hiring—and transportation
for—the disabled
• Recognize the accelerated date of New York’s middle class tax cuts
• Identify the Budget’s effect on the small business subtraction modification percentage
• Recognize the effect of the Budget’s revamped PTE tax on S corporations with only resident shareholders
• Recognize the Budget’s effect on motor fuel taxes
• Recognize the extended deadline for the initial application for the NYC musical and theatrical production tax credit
• Identify the available credit for qualified digital gaming media production costs
• Identify the Budget’s effect on specified farming and agricultural credits