On June 14, 2019, Governor Andrew Cuomo signed the Housing Stability and Protection Act of 2019 effectively codifying a new era in the State’s landlord-tenant regime. As the name suggests, the law puts into effect widespread regulation aimed at protecting and promoting tenants’ rights. If you are a landlord, this Act may have you wondering how these changes may affect your business dealings going forward. In short, many aspects of prior leases may need to be revisited, revised or scrapped altogether to ensure full compliance with the new regulatory landscape.
With the House passing the modified version of the Tax Bill on Tuesday afternoon, it’s looking like American families will be finding tax reform under their trees along with its usual gifts and sweets which are synonymous with the season.
It doesn’t take a legal expert to understand that a divorce typically results in the separation of two parties who previously acted as a financial, spiritual and social unit. Because parties tend to be highly dependent on one another prior to a divorce, New York law has recognized that the lesser earning spouse is typically entitled to maintenance payments (commonly referred to as alimony) for a certain duration of time. As the law currently stands, because money was transferred out of one spouse’s income and into the other’s income, the tax law is currently structured to recognize this transfer and has allowed for a tax deduction by the spouse paying maintenance.