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Top Business Law Changes to Watch in 2025

Posted by Amy S. Ingram, Esq. | Jan 20, 2025 | 0 Comments

As the calendar turns to 2025, businesses in New York face a rapidly changing legal landscape. Staying informed about new state laws and regulations is crucial for maintaining compliance and avoiding costly pitfalls. Here are the key business law changes to watch in 2025:

Employment Law Updates

New York has introduced several new regulations aimed at improving workplace conditions. Key updates include:

      Increased Minimum Wage Requirements: Effective January 1, 2025, New York's minimum wage has increased to $16.00 per hour for most regions, with New York City at $17.00 per hour. Businesses must adjust payroll systems accordingly. Check your region to ensure you are complying with minimum wage requirements.

      Mandatory Paid Sick Leave Adjustments: Updates to New York's Paid Sick Leave law now require additional documentation for remote workers and enhanced protections for part-time employees.

      Salary Transparency Law Enforcement: Employers are now required to include salary ranges in job postings to comply with New York's wage transparency laws. Non-compliance may result in penalties.

Data Privacy and Security

In response to growing concerns over data breaches, New York has expanded its data protection laws:

      Amendments to the SHIELD Act: Businesses handling personal data must implement more robust cybersecurity measures and may face increased penalties for non-compliance. This includes mandatory reporting of ransomware payments to the state.

      Biometric Privacy Law: New York has enacted a new law regulating the collection and storage of biometric data, requiring informed consent from individuals and periodic audits of data storage practices.

      Artificial Intelligence Accountability: Businesses using AI-driven decision-making tools must ensure compliance with anti-discrimination laws, particularly in hiring and lending.

Corporate Governance Changes

New York continues to emphasize transparency and accountability:

      Enhanced ESG Reporting: Businesses operating in New York are encouraged to adopt ESG reporting frameworks, with public companies facing additional disclosure requirements. This includes mandatory climate impact assessments for certain industries.

      Diversity on Boards: New York State has implemented incentives for companies to improve board diversity, including tax credits for meeting diversity benchmarks. Companies with fewer than two women or minority board members may face scrutiny during public disclosures.

      Corporate Transparency Act Compliance: While federally mandated, this act requires businesses to report beneficial ownership information (BOI). Non-compliance can result in significant fines, and New York-based entities are encouraged to integrate these requirements into their governance practices.

Tax and Financial Regulation Updates

      Expanded Tax Credits: New York now offers additional tax credits for small businesses adopting green technologies or operating in underserved areas. Ensure your business qualifies and takes advantage of these opportunities.

      Digital Sales Tax Enforcement: New York has strengthened its enforcement of digital sales tax collection. Businesses selling digital goods or services must review compliance practices to avoid penalties.

New York businesses entering 2025 face a dynamic legal environment filled with both challenges and opportunities. By staying informed and proactive, businesses can not only ensure compliance but also position themselves for growth and resilience. The updates outlined, from employment law changes to enhanced cybersecurity requirements and corporate governance incentives, reflect broader trends in accountability, equity, and innovation. Businesses that adapt quickly to these changes will gain a competitive edge in the market. Regular consultations with legal counsel and a commitment to continuous improvement are essential strategies for navigating this evolving landscape.

This information is not meant to provide legal advice nor does it form an attorney client relationship.  If you would like more information, please schedule a discovery call with a member of our team who is standing by to help take this exciting first step.

 

About the Author

Amy S. Ingram, Esq.

Attorney and Owner |

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