2017-18 New York State Executive Budget Released by Governor Cuomo

On January 17, 2017, New York State Governor Andrew M. Cuomo released his 2017-2018 Executive Budget.  It contains several potentially important tax proposals, including the following: 

• Extends top personal income tax rates.  Extends the top tax bracket under the personal income tax (the so-called "Millionaires Tax"), which is imposed at a rate of 8.82%, for an additional three years through 2020.  The top tax bracket was originally set to expire after 2017.
• Expands scope of real estate transfer tax.   Significantly broadens the scope of the real estate transfer tax to include the transfer of any interest (not only a "controlling interest") in a partnership, limited liability corporation, S corporation, or non-publicly traded C corporation with less than 100 shareholders if the entity in question owns New York real property having a fair market value that equals or exceeds 50% of the value of all of the entity's assets.  The Department of Taxation and