New York Business Brief

10/24/2023

The three cities Upstate will form a national tech hub specializing in semiconductor manufacturing and research...eligible for a piece of up to $10 billion in federal funding for investments in new technologies.

Thirty-one cities across the U.S., including Syracuse, Buffalo, and Rochester, have been designated national tech hubs by the White House, opening up billions of dollars in new federal investments across Upstate New York. President Biden made the announcement Monday, saying in a press release '...th...

10/20/2023

The report measures a country on five categories, including corporate tax, individual tax, consumption tax, property tax, and cross-border tax rules.

The United States is 21st out of 38 nations on the Tax Foundations International Tax Competitiveness Index ranking, with individual category marks ranking both among the best and worst of all countries. The Tax Foundation's report measures how a country’s tax system "adheres to two important aspec...

02/08/2023

New York State ranks among the top five in highest local sales taxes, but among the lowest five in state-wide sales tax rates, a new report shows.

New York State ranks among the top five in highest local sales taxes, but among the lowest five in state-wide sales tax rates, a new report shows. The Tax Foundation recently released a report ranking New York State among the top ten worst states for combined local sales tax and state-wide sales tax...

01/31/2023

Those working in private sector service occupation jobs saw the biggest jump in compensation throughout 2022, a 6.9% increase from the previous year

https://www.nybusinessbrief.com/post/wages-and-salaries-increase-across-the-us

01/23/2023

The average working collected $1,085 a week during the fourth quarter of 2022, a 7.4% increase from the year before.

The average weekly earnings for 118 million employees across the US was higher in the fourth quarter of 2022 than it was during the same time in 2021, according to a new report from the US Bureau of Labor Statistics. The average working collected $1,085 a week during the fourth quarter of 2022, a 7....

01/11/2023

https://www.nybusinessbrief.com/post/new-york-takes-in-690-million-in-gaming-tax-revenue-for-2022

In all the Empire State saw more than $16 billion wagered from January to December. Total revenue for the various sports books was $1.36 billion.

New York State raked in just under $693 million in gaming tax revenue for the calendar year 2022, based on the latest figures released by the New York State Gaming Commission. The $692.8 million year end total comes after another strong month of wagering where $1.6 billion was bet in December 2022,....

12/14/2022

https://www.nybusinessbrief.com/post/comptroller-local-sales-tax-grows-by-9-in-november

By region, New York City collected $770 million, a nearly 11% increase from 2021. The largest increase by county was in Western New York, where Wyoming County saw a 17.5% increase.

Local sales tax collections in November 2022 rose by 8.8% compared to the same month in 2021, according to New York State Comptroller Thomas DiNapoli. The total amount of local collections, state-wide, was $1.7 billion, a $139 million bump from year to year. “November marked another solid month fo...

11/14/2022

And, while the update discusses the potential for a national economic downturn, and the risks it poses for state revenues and spending, it includes only minor changes in projected receipts or disbursements compared to previous financial plan updates.

The New York State Division of Budget (DOB) recently issued its mid-year update for State Fiscal Year (FY) 2023, showing a continuation of a fairly strong financial condition for the state through next March. And, while the update discusses the potential for a national economic downturn, and the ris...

11/10/2022

The Empire State has now collected more than $542 million in gaming taxes between January and October 30, in addition to $200 million in licensing fees

https://www.nybusinessbrief.com/post/new-york-breaks-record-for-sports-wagering-tax-revenues

11/08/2022

New York's 9% excise sales tax, on the retail price, is the third lowest behind Colorado (3%) and Illinois (7%).

New York State's imposed taxes on recreational use ma*****na rank among the lowest in the nation, according to a report comparing taxation in state's that have legalized the recreational use of cannabis. Although New York has yet to begin the legal sale of ma*****na through dispensaries, The Tax Fou...

10/26/2022

The $250 million capital costs tax credit program is for small businesses forced to comply with emergency orders in response to the pandemic.

Governor Hochul announced this week that small businesses with fewer than 100 employees are eligible for tax credits for costs incurred to increase COVID-19 safety protocols. The $250 million capital costs tax credit program is for small businesses forced to comply with emergency orders in response....

10/19/2022

The average weekly earnings were at $1,070 in the third quarter of 2022.

Paychecks for the more than 120 million full-time and salaried US workers are up 6.9% from the same time period in 2021, according to new data from the U.S. Bureau of Labor Statistics. The average weekly earnings were at $1,070 in the third quarter of 2022. The data collected by the bureau is based....

10/18/2022

https://www.nybusinessbrief.com/post/new-york-textile-act-signed-into-law-in-new-york-state

In an effort to bolster the manufacturing industry, Governor Kathy Hochul Friday signed the New York Textile Act. The act is meant to assist farmers producing plant or animal fibers in the textile industry and to support innovation, and sustainable development while creating new marking opportunitie...

10/18/2022

In a report released last week, the comptroller says New York collected $58.4 billion in taxes, a $2.4 billion bump from projections.

New York State’s tax receipt collections exceeded expectations through the first half of the 2022-23 fiscal year, according to a report by New York State Comptroller Thomas DiNapoli. In a report released last week, the comptroller says New York collected $58.4 billion in taxes, a $2.4 billion bump...

10/18/2022

The Business Council has continually supported programs and policies that foster the development of a new-age workforce that ensures students are well-prepared for entrance into college and careers.

New York State is creating a $150 million workforce development grant program designed to support training programs and assist education and training providers. Governor Hochul on Monday, announced the grants will be administered through a new arm of the state's Empire State Development (ESD), known...

10/07/2022

In September, employment in healthcare rose by 60,000 returning to its February 2020 level.

The US Department of Labor released its September 2022 report showing payroll employment in nonfarm sectors increased by 263,000 while the unemployment rate dipped to 3.5%. The notable gain in jobs came in the leisure, hospitality, and healthcare fields. The data is a result of statistics gathered o...

10/06/2022

The three bills will -
✍️help prevent fraud
✍️allow refinancing of existing debt
✍️allow NYC contracts without competitive process

On Thursday, Governor Hochul signed three bills into law that will assist Minority & Women Business Enterprises (MWBE) businesses in New York State. The three bills will help prevent fraud and abuse within the MWBE state program, allow businesses to use MWBE development and lending funds to refinanc...

10/06/2022

New York remains the sole state that has taken no significant action to address federal UI advances.

New York State's 2022 legislative session ended with no action to address the state’s Unemployment Insurance (UI) debt. As a result, in July, New York employers received a bill from the New York State Department of Labor (DOL) for an “interest assessment surcharge” of 0.23% to be applied to Ne...

10/06/2022

To keep up with the surge in inflation, many small business owners have had to raise prices while others say they have taken out a loan, reduced staff, or reduced the quality of the products they supply.

The concern over inflation amongst small businesses has reached the highest levels in over a year, according to new data from the US Chamber of Commerce and Metlife. A report from the two groups shows the concern being higher this quarter of 2022 than in quarter three of 2021 when it was at its prev...

10/06/2022

The pool of likely voters was asked to focus on the federal midterm elections.

A new poll released by Monmouth University shows of 12 specific issue areas of concern to voters, inflation (82%) and crime (72%) are among the highest of importance while COVID-19 (32%) and student loan debt (31%) are among the two issues of lowest concern. The pool of likely voters was asked to fo...

10/06/2022

"Moving forward, farms will be forced to make difficult decisions on what they grow, the available hours they can provide to their employees, and their ability to compete in the marketplace. "

A group of New York State Assembly Democrats criticized the New York State Department of Labor's order to lower the overtime hours for farm employees from 60 to 40. The decision, official last week, comes after recommendations from the Farm Laborers Wage Board. The recommendations, and decision, wer...

10/06/2022

The investment of $20 billion from IBM will come to the Hudson Valley over the next 10 years for semiconductors, computers, hybrid cloud, artificial intelligence, and quantum computers

IBM announced, Thursday, it will invest $20 billion across the Hudson Valley region over the next 10 years. The investments will help expand the technology ecosystem in New York and unlock discoveries and opportunities in semiconductors, computers, hybrid cloud, artificial intelligence, and quantum....