Governor Cuomo signed legislation on April 13, 2016 enacting two significant changes to the NY School Tax Relief ("STAR") exemption program. The STAR program provides homeowners a reduction in real property school taxes. Historically, the STAR exemption was shown on and immediately reduced homeowners’ school tax bills. The first change transforms the STAR exemption into a Read More »
The U.S. Treasury recently issued proposed regulations under Section 2704 of the Internal Revenue Code that severely limit the use of valuation discounts for transfers of limited liability company ("LLC"), partnership and corporate ownership interests among family members. If finalized as proposed, the regulations will negatively impact popular estate planning strategies, such as the gifting Read More »
On January 16, Governor Cuomo introduced the New York FY 2019 Executive Budget ("Budget"). The Budget includes a proposal to revive an emergency measure, originally passed in the wake of the Great Recession, which would defer taxpayers' ability to claim certain tax credit amounts. Like the original version, which was passed in 2010, the Governor's Read More »
The Authorities Budget Office ("ABO") has proposed a new rule which will codify Industrial Development Agencies' ("IDAs") existing website posting requirements under Section 859-a of the General Municipal Law ("GML"). The rule will require IDAs to post all policies and forms (both blank and project specific) to their websites. The ABO notes the proposed rule Read More »
In last month's alert, we discussed a popular question among many employer-sponsors, namely how many expert letters should be submitted to support a petition. Here is the link to that alert: http://bhlawpllc.com/publication/expert-letters-how-many-letters-are-enough-for-an-o-1-petition/ In this alert, we are addressing the format of how these letters should be written. The government gives some insights in the regulations about Read More »
Effective December 5, 2018, the New York State Authorities Budget Office ("ABO") promulgated regulations entitled "Standard Application Form" and added them as Part 250.1 to Title 19 of the New York Codes, Rules and Regulations (the "New Regulations"). The ABO asserts that the New Regulations will increase the accountability of Industrial Development Agencies ("IDAs") and Read More »
From small family-owned businesses to large global corporations, a company's ability to execute an effective advertising and marketing campaign is critical to building a recognizable, durable brand and driving sales. But what if your ads land your company in legal trouble, resulting in a court order enjoining your ad campaign and requiring you to pay Read More »
Brand. What does it mean in the wine industry? Everything. An overstatement? Maybe. But not by much. A winery's brand tells the story of its wine, from the vineyard to the bottle to the table, and builds connections with consumers that form the very foundation of the enterprise. It is front-and-center on every single bottle. It Read More »
In the wake of COVID-19 closures, the NY State Liquor Authority (the "SLA") issued guidance this week permitting on-premises establishments to sell alcohol for off-premises consumption. The change was effective March 16, 2020 and continues until the SLA issues further guidance. Licensees do not need to notify the SLA or seek a waiver to begin Read More »
On March 19, 2020, Syracuse Mayor Ben Walsh announced the creation of a $500,000 fund to provide interest-free emergency loans to small businesses in the City of Syracuse that have been adversely impacted by the novel coronavirus. The COVID-19 Emergency Relief Program will be administered by the Syracuse Economic Development Corporation ("SEDCO") and is intended Read More »