Tax Provisions of New York's 2013/2014 Budget Act

Mark H. Levin, MST, CPA

For the first time in 30 years, the New York State Legislature in Albany passed an on-time budget three years in a row. Governor Andrew Cuomo and legislative leaders touted its friendliness to families, businesses, and the middle class. The $141.2 billion budget holds spending increases to less than 2% for the third consecutive year, without raising any taxes or fees. But even though the 2013/2014 Budget Act (Chapter 59 of the Laws of 2013) features no tax increases, it does extend some prior tax increases originally set to expire after the 2014 tax year. The following are the most significant provisions likely to affect most taxpayers and their advisors.