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Tech:NYC Digest: April 8

Tech:NYC Digest: April 8

April 08, 2021 • Estimated Reading Time: 11 minutes

Thursday, April 8, 2021Programming note: we’re sending out today’s digest a bit early today because, starting at 4pm ET, all attention will be on our NYC Mayoral Forum, where we’ll be talking to the leading candidates about their plans to support the tech sector and the city’s economy at large. You can still register to join us here.Was this digest forwarded to you? Subscribe here.

The latest: One in four Americans fully vaccinated; $212 billion budget breakdown, broadband to tax bases; Slack conducted a survey of users and IT leaders finding digital collaboration tools will be important whether remote or in-person; Tech:NYC and Warby Parker NYC mayoral forum live at 4pm with moderator Josh Barro, register here.

By the Numbers:

New York State: 1,918,343 (+8,379)
New York City: 861,092 (+3,826)
Statewide Fatalities: 40,970 (+47)
NYC Positivity Rates:
- NYS reports: 3.9 percent (-0.2 percent)
- NYC reports: 6.3 percent (-0.2 percent)
Vaccine Progress:
- NYS first doses administered: 7,015,831 (+143,968)
- NYC first doses administered: 2,523,366 (+46,224)

General Updates:

To file in the vaccine optimism folder: over the weekend, a record four million people in the US received the vaccine on a single day, and now one in every four Americans are fully vaccinated. (NBC News)
But as always, optimism with some salt: the CDC said that the UK variant mutation is now the most dominant strain in the US, accounting for 27 percent of all new infections in the country. (Washington Post) In NYC, variant strains now make up 78 percent of all new cases, 45 percent of which are from the strain originating in NYC. (NYC)
Many universities are announcing vaccination mandates for the fall applying to students and faculty, with some religious and medical exemptions. Institutions have pointed to data showing students are at particular risk for spreading the virus in dormitory settings. However, the political and legal blowback is growing. (Axios)
Relatedly, proving vaccination status, both the methods and requirements to do so, is showing to be politically challenging. So far, the Biden administration is letting states and private companies take the lead. (The Hill) The technological side of things also has some wrinkles to iron out. New York was the first state to roll out a vaccine passport app, the Excelsior Pass, and according to a recent review, while it does protect your privacy, it may be easy to fake. (Washington Post)

The latest results: New York City is in a battle between vaccines and variants. On the one hand, new strains have caused the positivity rate to remain high, but on the other all adults are eligible for the vaccine and dose shipments continue to increase. How do you feel about the city’s chances of returning to “normal” life by President Biden’s July 4th timeline?

Today's poll

: The rise in vaccinations and warmer days may mean New York’s political campaigns may soon hop

off the Zoom screens and hit the streets

. As companies weigh the same dynamic changes (the

Google I/O

conference and

Microsoft BUILD

conference are both all-virtual this year), what do you think the role of virtual business events will be after the pandemic?

*|SURVEY: Virtual events will be more common than in-person events|*
*|SURVEY: Virtual events will be as common as in-person events|*
*|SURVEY: Virtual events will be less common than in-person events|*

Just after midnight, the New York State Assembly joined the Senate in passing the $212 billion budget plan for fiscal year 2021-2022. The package is the largest budget in the state’s history and together with those increases, it includes more than $12.5 billion in direct aid from the federal government. (NY1)

Among the provisions are a handful of tech-related ones, including the legalization of mobile sports betting, codification of telehealth rules, extending the autonomous vehicle law, and low-cost broadband. No digital ads or data taxes were included in the budget.

Here’s a roundup of other elements that are included:

State assistance: among the most noteworthy components of the bill was new funding for assistance programs, including:
- A $2.4 billion direct rental relief fund, as well as other rental assistance and eviction protection programs. (New York Daily News)
- An unprecedented 11 percent increase in aid to schools to build programs that address learning loss due to the pandemic and provide resources to help schools fully reopen safely. (Gothamist)
- A first-in-the-nation Excluded Workers Fund providing aid to undocumented and formerly incarcerated New Yorkers who have been ineligible for pandemic and unemployment assistance otherwise. (New York Times)
Tax changes: Changes to tax rates for both individual top earners and corporations are included:
- A scheduled middle class tax cut originally passed in 2016 remains unchanged in this year’s budget for 2021. For people filing jointly in the $43,000-$161,550 income bracket will see their income tax rates lowered from 6.09% to 5.97%. People filing jointly in the $161,550-$323,200 income bracket will see their income tax rates lowered from 6.41% to 6.33%.
- Personal income taxes will increase starting at $2.1M for couples and $1.6M for individuals at a rate of 9.65%, gradually increasing up to 10.9% on people making $25M or more. (Wall Street Journal) These rates will be in effect through the end of 2028.
- The minimum corporate tax is reinstated, with a 7.25% tax if a corporation makes more than $5M in New York, and a business capital base tax increases from 0.025% to 0.1875%. Both expire after 2024, and manufacturers and small businesses are exempt.
START-UP NY: A fix to the START-UP NY tax abatement program will allow participating businesses the flexibility to maintain their employees’ state income tax-free status despite working from home because of the pandemic. (New York Business Journal)
Broadband: One provision requires providers to make available a $15 a month plan to low-income households (providers who offer internet at 200/mbps for $20 a month shall be considered in compliance). The “Comprehensive Broadband Connectivity Act” was also included to require a study of broadband accessibility and affordability needs in New York.
For more info on state funding for environmental protection, healthcare, the arts, and other areas, this is a good rundown.

Working:

Slack conducted a global survey of 1,000 IT decision makers and about 3,000 users to gain insights on the impact and importance of collaboration platforms in the new workplace. The big takeaway: they aren’t going anywhere. Get the report here.
BlackRock CEO Larry Fink said in his annual letter to shareholders that he most looks forward to meeting with clients again post-pandemic, and in-person meetings will be top priority for the company. (Bloomberg)