485-b COMMERCIAL REAL PROPERTY TAX EXEMPTION Section 485-b of the New York Real Property Tax Law provides the basis for a 50% reduction of the increase in assessed value due to certain qualifying new construction, alterations, installations, or improvements for the purpose of commercial, business, or industrial activity, thus reducing real property taxes and some…
MAKING ACESSORY DWELLING UNIT’S WORK FOR YOU Granny pods. Elder cottages. ECHO housing. No matter what you call them, there is no question: accessory dwelling units (“ADUs” for short) are a booming trend for affordable senior living (as well as a reliable source of passive income) in the Hudson Valley. These spaces traditionally function as…
CANCELLATION OF DEBT INCOME You owe money. Then the debt gets cancelled. There is a risk that the cancelled debt will be treated as income to be included in your gross income that forms the basis for your income tax liability. Debt cancellation is becoming more common as this economic crisis grows. Unpaid purchases, credit…
CDC ISSUES ORDER HALTING CERTAIN EVICTIONS NATIONWIDE THROUGH DECEMBER 31, 2020 Earlier this week the Centers for Disease Control (‘CDC’) announced that they would be issuing an order addressing the residential eviction crises across the country that has resulted from the impacts of the COVID-19 pandemic. More details regarding that Order have been released today…
COVID RENT RELIEF PROGRAM New York State has extended the deadline to Thursday, August 6, 2020 to apply for the COVID Rent Relief Program to help households experiencing an increase in their rent burden due to a loss of income during the COVID-19 crisis. Visit https://hcr.ny.gov/RRP for more information. To qualify for COVID Rent Relief Assistance, applicants must meet…
WE’RE STILL HERE FOR YOU For the past many months, the firm has remained fully operational and continued to provide seamless, high quality legal services to our clients. This was possible due to the firm’s historical investment in technology and its dedication to helping our clients achieve their goals in any circumstances. Starting last week,…
MODIFICATION OF CHILD SUPPORT AND CORONAVIRUS With private sector employment falling by over 22% in the Hudson Valley region from this time last year, it is anticipated that there will be a substantial increase in applications for modification of child support. Here are some thoughts to bear in mind if you have experienced a reduction…
OUTDOOR DRINKING IS BACK SUBJECT TO GUIDELINES The New York State Liquor Authority (SLA) has announced that effective June 4, 2020, outdoor, on-premises service of alcoholic beverages and/or food may resume in those regions that attain Phase 2 of the NY Forward reopening plan, subject to the following guidelines. The guidance remains in force through July 3….
CONGRESS EXTENDS PAYCHECK PROTECTION PROGRAM Both houses of Congress have approved a bill making several material modifications to the popular Paycheck Protection Program (“PPP”). The President is expected to sign the bill into law very shortly. The 8-week “covered period” during which PPP funds can be spent can now be extended, at the borrower’s…
NYSDOH Finally Releases New Hemp Regulations
NEW YORK STATE DEPARTMENT OF HEALTH RELEASES NEW HEMP REGULATIONS As with almost all areas of American society, the COVID-19 pandemic pushed ‘pause’ on anticipated regulatory changes to the New York State hemp industry. December 2019 saw new hemp laws that split hemp permits into defined categories with more legislation regarding quality standards, labeling requirements,…