By Conor Gillis
State Budget approved; no new real estate taxes or fees included
State lawmakers passed a $178 billion budget in the early hours of April 3 with the possibility of future spending cuts depending on federal funding and how the state’s economy recovers as it faces possible revenue losses totaling $10 to $15 billion as a result of COVID-19.
NYSAR met with Governor Cuomo’s staff and state lawmakers throughout the final weeks of budget negotiations to express our concerns with several proposals which were not adopted in this year’s final budget, including establishing a good cause eviction standard, expansion of wetlands oversight, reclassifying independent contractors as employees and a statewide suspension of rents without proper relief to property owners. Further changes to incentivize homeowners to move from the STAR Exemption program to the STAR Credit program were not adopted in the budget. Additionally, there were no new real estate taxes included in the budget.
Coronavirus: SBA CARES Act FAQs
NAR has been working closely with Congress and the Administration to ensure the interests of REALTORS® and their clients are protected in any federal action in response to COVID-19. Many REALTORS® are small businesses or work with them as clients. In the most recent relief package passed into law, the “Coronavirus Aid, Relief, and Economic Security Act” or CARES Act, there were significant provisions aimed at assisting small businesses during this difficult time. The CARES Act appropriates more than $360 billion total for new Small Business Administration (SBA) programs – the 7(a) Paycheck Protect
The U.S. Senate passed legislation Tuesday April 21st to replenish funding for several coronavirus small-business relief programs championed by NAR and available to REALTORS®. Under the Senate agreement, the Paycheck Protection Program (PPP) will receive $310 billion in new cash, while the Economic Injury Disaster Loan (EIDL) fund will receive an additional $50 billion. The bill sets aside $60 billion of PPP funding exclusively for small and medium-sized community banks.
For the most up-to-date information on the CARES Act and other Coronavirus related relief information please visit https://www.nar.realtor/coronavirus.
Every New Yorker allowed voting by absentee ballot for June 23 elections
Governor Cuomo announced that every New Yorker will be allowed to vote by absentee ballot in elections held on June 23, 2020, including the Democratic presidential primary, as well as congressional, state and local primaries. Read more here.
New prevailing wage requirements for construction projects
Included in this year’s state budget (S.7508-B/A.9508-B, Part FFF) is a new requirement that public works’ prevailing wages be paid for construction work on certain private-sector projects receiving state or local economic development assistance. In general, this applies to private construction projects valued at $5 million or more, when total state and local assistance represents 30 percent or more of the construction project costs. The Business Council of New York State provides more details on the new prevailing wage law here.