Legislation

An overwhelming number of New Yorkers want to see the New York state minimum wage raised from $7.25 to $8.50, according to a May 14 Siena Research Institute poll. Support crosses party and geographic lines.

Effective April 11, the emergency regulations that implemented the state’s cross-border practice mobility law were made permanent, according to the New York State Office of the Professions.

The United States Supreme Court has convened today to hear the first set of arguments over the Patient Protection and Affordable Care Act, specifically the individual mandate provision which requires that virtually all Americans purchase some form of health insurance, according to the Washington Post.

In a case with wide implications for the accounting profession, the N.J. Supreme Court has set limits on auditor lawsuits and explored the nature of privity.

Receiving little publicity among more high-profile financial changes in 2011 was a new law (bills S5637 and A8223-A) that exempts the sales and use of certain electronic news services and electronic periodicals from state and local sales and use taxes (sales tax).

The NYS Legislative Task Force on Demographic Research and Reapportionment—better known as LATFOR—has issued proposed maps for the New York Senate and Assembly, as required by law following the 2010 Census. But it's not end of the process—in fact, it's just the beginning.

New York State Assembly Speaker Sheldon Silver plans to introduce a bill that would increase New York’s minimum wage from $7.50 an hour to $8.50, according to the New York Times.

Taxation and other finance issues got more than a few mentions in Governor Cuomo's Jan. 4 State of the State Address. In addition to the end-of-year tax rates changes, he noted other key financial initiatives in the past year: 

With just a few days to go, the Republican holdouts in the House of Representatives waived their objections to an extension to the payroll tax cut. (The NYSSCPA E-zine covered this is detail in yesterday's edition.) The cut, which was to expire this year, now runs through Feb. 29. Congress will work on extending it through the end of 2012.