This week, Governor Hochul announced the Department of Health has designated COVID-19 an “airborne infectious disease," triggering activation of the NY HERO Act. All businesses are immediately required to implement their airborne infectious disease prevention plans required under the HERO Act. Big I NY and a broad-based group of business associations opposed this measure, expressing concerns it will be overly burdensome and unwarranted. Learn more about your compliance requirements here
Also this week, Governor Hochul signed a bill which will hold construction contractors jointly and severally liable for wage theft violations of their subcontractors, including unpaid wages, benefits, wage supplements, penalties, liquidated damages, attorneys fees, and other costs, for up to six years after the completion of work. The bill is likely to impose significant new costs and liability on construction contractors.
Congress has now begun working on the details of the $3.5 trillion reconciliation package, and tax increases currently “on the table." These include: a significant increase in the corporate tax rate, raising the top individual tax rate, nearly doubling the capital gains tax rate, potential elimination of “stepped up" basis, and modification/elimination of the Section 199A 20% small business tax deduction for pass-throughs. Agency owners in New York are being asked to call the office of Representative Tom Suozzi, who sits on the Ways & Means Committee, regardless of whether he is your representative. Click here for talking points and contact information