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New York enacts
budget legislation containing variety of state tax provisions
On Aug. 4, 2010, New York Governor David
A. Paterson signed a budget bill that makes numerous state and local
tax changes. The budget legislation extends the captive real estate
investment trust (REIT) and captive regulated investment company (RIC)
provisions that were enacted in 2008 and amends the captive REIT
definition. In addition to temporarily deferring many tax credits,
the legislation amends the biofuel production credit, the qualified
emerging technology company credit and the Empire Zone credits.
For purposes of the personal income tax,
the legislation limits the itemized deductions for high-income
taxpayers, amends the provisions concerning New York source income
for nonresidents and creates a new tax bracket for high-income
taxpayers in New York City. The sales and use tax provisions narrow
the definition of “vendor,” temporarily eliminate the exemption for
clothing and shoes and impose tax on companies that resell hotel
rooms. The legislation authorizes the Tax Commissioner to allow a
reasonable period for correcting electronic tax documents and
payments. Finally, the legislation prohibits tax return preparers
and software companies from charging separately for electronically
filing tax documents.
Learn more.
For more information
Contact:
Cynthia Keveney
Financial Services
Grant Thornton LLP
T 212.624.5495
E Cynthia.Keveney@gt.com
Visit
www.GrantThornton.com.
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