New York Governor Signs Budget Bill Modifying Property, Sales, Income Tax, IRC Conformity Provisions

The New York Governor April 3 signed a law implementing the state transportation, economic development and environmental conservation budget for the present year through 2021 state fiscal year provisions. The law adopts static IRC conformity as of March 1 for individual income, corporate income, and trust income taxes. The law also includes measures: 1) extending authorization for tax increment financing by transportation authorities and districts; 2) relating to payment in lieu of taxes for certain property acquired for parks or recreational purposes; 3) relating to the tax abatement and exemption for rent-regulated and rent-controlled property occupied by senior citizens; 4) ...