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Proposed Bill Would Treat Gifts and Testamentary Transfers as Constructive Sales for Capital Gains Purposes

On March 29, 2021, Senator Chris Van Hollen (D-MD) released a discussion draft of the Sensible Taxation and Equity Promotion (“STEP”) Act.  According to press reports, the proposal is supported by fellow Democratic Senators Elizabeth Warren (MA), Sheldon Whitehouse (RI), Bernie Sanders (VT), and Cory Booker (NJ).

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Federal Estate and Gift Tax Changes May Be on the Horizon

Senator Bernie Sanders, Chair of the Senate Finance Committee, and Senator Sheldon Whitehouse, Democratic Senator from Rhode Island, have introduced legislation that affects the federal estate and gift tax. 

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Possible Changes to New York State Estate Tax

The New York State Senate and Assembly have recently released proposals to change the New York State estate tax.  The proposals are part of the so-called “Budget bills” promulgated by each group.  It is important to emphasize that Governor Cuomo has not proposed an increase to New York State estate tax in his proposed Budget bill.  Thus, the Senate and Assembly proposals should be regarded as proposals, and not as faits accomplis.

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Effective Immediately, New York Law Requires Paid COVID-19 Vaccination Leave

On March 12, 2021, Governor Cuomo signed a bill requiring New York employers to provide employees with paid time off to receive the COVID-19 vaccination.

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Guidance from the NY DOL on COVID-19 Sick Leave Places New Obligations on Employers

The New York State Department of Labor (the NYDOL) recently released new guidance (the Guidance) on the use of leave and benefits authorized by New York’s COVID-19 Sick Leave Law (the Law).

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This website presents only general information not intended as legal advice. Although we encourage calls, letters and emails from prospective clients, please keep in mind that merely contacting Harter Secrest & Emery LLP (HSE) does not establish an attorney-client relationship between us. Confidential information should not be sent to HSE until you have been notified in writing by HSE that a formal attorney-client relationship has been established. Information sent to us before then may not be treated as confidential by HSE or the court.

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