This week Governor Cuomo gave his 2019 State of the State and Executive Budget address and released language for his Executive Budget proposal, which outlines in legislative language the details of the policy proposals he wants to advance this Session and his fiscal vision for New York. Some of the provisions related to banking include the legalization of recreational cannabis, accounting for global intangible low-taxed income (“GILTI”) inclusions and related deductions, the licensing of student loan lenders, and the closing of the carried interest loophole. The Assembly and Senate will now review his spending plan and advance their own budget proposals in the coming months, before voting on a State Budget, due April 1st.
For more information, please contact:
Michael P. Smith, President, NYBA, at (212) 297-1699
Clare M. Cusack, General Counsel, at (212) 297-1664