New York Governor Andrew Cuomo released his Fiscal Year 2022 budget and accompanying legislation on January 19, 2021 (the Budget Bill). Although the State projects billions of dollars in lost revenue because of the fallout from the COVID-19 pandemic, the Budget Bill does not propose significant new taxes on businesses.

While the Governor stated during his Budget address that he is requesting $15 billion in aid from the federal government, the Budget Bill assumes that the State will only receive $6 billion in new aid—an amount which the Briefing Book summarizing all of the budget legislation claims is at “the lower end of possible outcomes.” If the State instead receives the full $15 billion in requested aid, the Briefing Book claims “the State would be able to reverse or modify” some of the Budget Bill’s most “difficult proposals.”

Read our full Legal Alert here.