New York's Latest Legislative Session: What Passed, What Didn't, What's Next
The first year of the 2021-2022 legislative session, which began on Jan. 6, 2021 ended on June 10, 2021. Here are some of the most significant developments.
September 10, 2021 at 02:40 PM
14 minute read
The first year of the 2021-2022 legislative session, which began on Jan. 6, 2021 ended on June 10, 2021. Here are some of the most significant developments.
What Passed
Highest Income Tax Rates in the Country Enacted (2021-22 Executive Budget, enacted April 19) … Or Will the Last Wealthy New Yorker To Leave the State Please Turn Out the Lights? For calendar years 2021 to 2027, New York state's highest income tax rates have increased. The top rate has jumped from 8.82% (on taxable income over $2,155,350 for joint filers) to 10.9% (on taxable income over $25 million). Combined with New York City's highest income tax rate of 3.88%, the top income tax bracket in New York is now 14.78%, the highest in the nation, eclipsing California's previously highest rate of 13.3%.
The Budget increases taxes by increasing rates on single taxpayers whose taxable income exceeds $1,077,550, and on joint taxpayers whose taxable income exceeds $2,155,350 (the top rate increases from 8.82% to 9.65%). It also creates two additional tax brackets regardless of filing status: A 10.3% bracket on income above $5,000,000 up to $25,000,000, and a 10.9% bracket on income exceeding $25,000,000.
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Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
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