New tax credits, new fees: What businesses need to know about New York's proposed 2021 budget

Gov. Andrew Cuomo has included a number of new tax credits for small businesses and some new reforms as part of his 2021 budget proposal. The $103.4 billion budget was written in hopes the federal government will help cover a $15 billion budget gap over two years. The budget was also written with a worst-case scenario, which would not include the tax credits. If the state is only able to get $6 billion from the feds, Cuomo is proposing increasing the tax rate on the highest earners — currently…