Taxes on New York individuals and businesses will increase as of Jan. 1, 2021, though changes to S-corporation and partnership rules might soften the blow for some. On April 19, 2021, New York Gov. Andrew Cuomo signed into law the Fiscal Year 2022 Enacted Budget, which enacted the changes. According to a statement released by the governor’s office, the first budget since the start of the COVID-19 pandemic includes “revenue resources that provide the revenues needed to make the investments that will support New York's ongoing response to the COVID-19 pandemic and New York's recovery from it.” Notably, the budget provides for changes to the state’s personal income tax rate, the corporate franchise tax, and a new optional pass-through entity tax.