Bridge Street Auction owner Steve Brodie is looking at a couple of changes in the tax law that might make a difference in both his work and personal life.
“Every dollar counts,” Brodie said.
One change is in family tax relief. It is eligible to any New York family that makes between $40,000 and $300,000, a year, with at least one dependent.
But it was another tax break, for small businesses that Brodie didn’t know about, that caught his eye.
“I even called my accountant who didn’t know about it.”
A small business of at least one employee and an income of less than $250,000 a year will get 3% of their income exempt from taxes.
The health industry is also seeing changes. People born between 1945 and 1965 will be offered Hepatitis C screening during medical appointments. It is estimated that 75 percent of people in the U.S. with this virus were born between those years.
There will also be mandatory screening for heart disease in newborns, and insurance coverage for a children who have Eosinophilic esophagtis, an inflammatory condition in which esophagus becomes filled with eosinophils, a type of white blood cell. Children with the disorder can only obtain nourishment from expensive enteral formulas or feeding tubes.
Hospitals will also have to tell patients if they’ve officially been administered for insurance coverage purposes.
Here are some other laws that take effect on January 1:
START-UP NY Economic Development Program: This program will create tax-free areas around the state’s colleges and universities. Tax-free areas will encompass vacant land or space on the campus of SUNY schools and community colleges. Under the program, businesses will be exempt from virtually all taxes for 10 years, including corporate and personal income taxes, sales, use and property taxes. Businesses will not be eligible if they compete with existing businesses in the community that are not within the tax-free area.
Legalized Casino Gaming: In November, voters approved a constitutional amendment enacting the Upstate New York Gaming Economic Development Act of 2013. The new law legalized casino gaming in New York as of January 1st and allows for the establishment of four destination gaming resorts.
Minimum Wage Increase and Reimbursement Tax Credit: Minimum wage will increase from $7.25 an hour to $8 an hour. The increase is coupled with a new Minimum Wage Reimbursement Tax Credit to help offset some of the increased wage costs for businesses.