taxes

Six days after it was due, Gov. Andrew Cuomo and New York State’s legislative leaders announced a final agreement on a $212 billion budget deal. It increases taxes on the wealthy and adds funds for schools, renters and small businesses, including restaurants that struggled financially during the COVID-19 pandemic.

Five days into the new fiscal year, Gov. Andrew Cuomo and legislative leaders say they have a “conceptual agreement” on a new state budget. If the deal holds, it would include $4 billion in new taxes, including higher income tax brackets on millionaires and a tax increase for some large corporations.

Sen. Jabari Brisport

April 1 has come and gone with no agreement on the state budget. For the first time in over a decade, there’s no clear indication of when a spending plan might be passed. The state’s comptroller warns if the impasse lasts beyond next Monday, the paychecks of some essential state workers might be delayed.

New York Now

Democrats who control the state legislature took another step toward raising tax rates for wealthy New Yorkers Monday, with each chamber presenting its own proposal for this year’s state budget — valued at more than $192 billion.

Karen DeWitt / WBFO Albany Correspondent

Assembly Speaker Carl Heastie said Monday that he expects state budget negotiations to continue as “normal,” despite his decision to authorize an impeachment inquiry of Gov. Andrew Cuomo over several women’s allegations of sexual harassment, as well as a nursing home scandal. 

Mike Desmond / WBFO News

The deadline for New York's budget is weeks away and there are still major revenue and expense issues, even with the billions of dollars in federal stimulus cash approved on Saturday. A coalition of progressive groups is pushing controlling Democrats to raise taxes on the rich.

Volunteer Lawyers Project Low-Income Taxpayer Clinic

It's that time of year when many local residents have begun counting down to April 15. What's new is COVID-19 and how to account for it.

Several New York lawmakers are proposing a tax hike on individuals making at least $300,000 in New York in hopes of bringing in an estimated $15 billion in annual revenue.

Office of the Governor

In his budget plan, Gov. Andrew Cuomo proposed imposing new higher income taxes on New York’s wealthiest residents if President Joe Biden and Congress don’t come through with enough federal aid to close the state’s budget deficit. But at the same time, he offered a contradictory message, saying it might hurt the state’s competitiveness and cause the rich to flee the state.

Office of the Governor

As the new year begins, New York state leaders face two major challenges. One is the ongoing COVID-19 pandemic as infection rates spike again and a vaccine rollout begins. The second is the state’s related multibillion-dollar budget deficit, which needs to be closed by spring.

Congress, in the relief package approved late Monday, did not include a financial bail out for states hit hard by the pandemic, leaving New York with a multi-billion dollar budget deficit going into the New Year.  The leader of the state Assembly says now is the time to push ahead with new taxes on the wealthiest, to start making up for the loss.


Gov. Andrew Cuomo is floating the possibility that New York may have to raise taxes to close a pandemic-related budget gap, and his remarks are encouraging those who have long been advocates of imposing higher taxes on the wealthy.

New York Now

Assembly Speaker Carl Heastie said Monday that negotiations are underway with the Senate and Gov. Andrew Cuomo on potential tax increases on the wealthy in New York, and that lawmakers could still return to Albany before the end of the year to act on such a measure.

A decision by New Jersey leaders to raise taxes on that state’s wealthiest residents has provided new hope to advocates who want to tax the rich in New York -- but Gov. Andrew Cuomo and his budget director are throwing cold water on that proposal.

The New York State Legislature is due back in Albany on Monday for a session that is expected to last several days. A growing number of lawmakers want to see new taxes on the wealthy on the agenda, and they're getting some help from nationally known Queens Congresswoman Alexandria Ocasio-Cortez.

Updated at 12:15 p.m. ET

U.S. taxpayers will have a three-month extension to file their taxes because of the coronavirus pandemic, Treasury Secretary Steven Mnuchin said Friday.

He said that at the president's direction, "we are moving Tax Day from April 15 to July 15."

"All taxpayers and businesses will have this additional time to file and make payments without interest or penalties," Mnuchin added.

At the same time, he encouraged people who are set to receive refunds to file earlier so that they can get their money more quickly.

Mike Desmond / WBFO News

There is a new man in what will soon be Buffalo City Hall's toughest job: commissioner of assessment and taxation.

Karen Dewitt / WBFO Albany Correspondent

With less than a week to go to the state budget deadline, interest groups have converged on Albany, lobbying to get their measures included in the budget plan - and in some cases, to keep items out.

The New York State Senate has passed a bill to make the state’s eight-year-old property tax cap permanent. So far, the Assembly has not approved the measure.

File Photo

The State Court of Appeals on Thursday unanimously ruled that New York can tax tobacco sales by Native American retailers to non-Indians.

Governor's Office

The nation's new tax law places a cap on the amount of state and local taxes that someone can deduct from their taxable federal income. That caused panic in high-tax states like New York. So the state's lawmakers amended their tax system to mitigate the increased costs for New Yorkers - changes the federal government may soon attempt to nullify.

It is school district budget voting Tuesday across New York State, with a range of spending proposals, school board candidates and capital budget proposals being put to the voters for their approval.

Mike Desmond / WBFO News

If you want something from the City of Buffalo, like a license, a contract or approval for a development project, you better have your taxes paid.

National Public Radio

Gov. Andrew Cuomo, in his State of the State speech, floated the idea of converting the state income tax to a payroll tax to help reverse the new federal law that limits deductibility for state and local taxes. Many support the concept, but businesses say it is not so easy to make the change and it could bring unforeseen complications.

Michael Mroziak / WBFO News

With the new federal tax law in place, local developers are breathing a sigh of relief that it wasn't worse for them. There had been a concern historic preservation tax credits would be abandoned and this method of early financing has been key in adaptive reuse of many older buildings in Buffalo.

The week after Christmas is usually a short and slow one for town officials in New Paltz, N.Y. — but not this time.

"When we opened town hall Wednesday we had almost 100 voicemails from people inquiring about how they could prepay their taxes," says Daniel Torres, the town's deputy supervisor.

And the phones kept ringing. People started lining up. Torres says the clerk's office has a only few people working in it.

"The clerk's office was so overrun. After a certain while we couldn't even pick up the phones anymore," he says.

File Photo

Gov. Andrew Cuomo delivers his State of the State address on Wednesday, kicking off a challenging year of budget deficits and re-election races.

Republicans in Congress are promising that their tax bill will create jobs. One place where we know it's going to create a lot of work is at the IRS.

That agency will have to figure out how to interpret and implement the hundreds of pages of changes to the tax code that were just passed, at a time when it is already struggling with budget cuts and staff reductions.

The Trump administration says it's already working with the IRS to update tax forms and withholding tables, promising that most taxpayers will notice a difference in their pay stubs by February.

Updated at 1:26 a.m. ET Wednesday

Republicans in Congress approved a sweeping and controversial $1.5 trillion tax overhaul, with the Senate voting early Wednesday along straight party lines to move the measure forward.

Updated on Dec. 20 at 3:50 p.m. ET

The Republican tax bill, which Congress sent to President Trump on Wednesday, would give most Americans a tax cut next year, according to a new analysis. However, it would by far benefit the richest Americans the most. Meanwhile, many lower- and middle-class Americans would have higher taxes a decade from now ... unless a future Congress extends the cuts.

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