Vlahos Offers ‘Wish List’ for Gov. Hochul in Long Island Business News

August 30, 2021 | Corporate | Tax

In the Long Island Business News article, “To: Gov. Kathy Hochul, From: Long Island, Re: Wish list,” several Long Island business leaders offered their perspective on the issues New York’s newest governor should focus on first.

Louis Vlahos provided a business-friendly agenda:

  • Eliminate the stock transfer tax
  • Eliminate NYC’s commercial rent tax
  • Reduce the personal and corporate income tax rates – stem the outflow of individuals who can pay taxes
  • If the Feds eliminate the like kind exchange, decouple from the Feds – keep the provision alive in NY; require that replacement property must be in NY
  • Eliminate the “convenience of the employer” rule; cooperate with NJ and CT to come up with a system that benefits all three jurisdictions – start thinking regionally
  • Recognize the “S corporation” in NYC
  • Reduce the estate tax rate, eliminate the claw-back for gifts made within three years of death, allow portability of NY’s exemption amount between spouses
  • Increase the sales tax in the case of luxury goods
  • Provide clearer guidelines, greater certainty, for giving up NY residency; consider a one-time departure tax instead
  • Impose a tax on the investment income of well-endowed private universities
  • Go after tax fraud – step up cooperation with the IRS
  • Reorganize, pare back, local government
  • Take a long-term approach to legislating – businesses want certainty, they need continuity


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