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Multistate Tax Alert: New York State Enacts Comprehensive Tax Legislation

Royalty addback rules, MTA surcharge, personal income tax rates and tax credits to be affected



On March 28, 2013, Governor Andrew Cuomo signed S. 2609-D,1 which provides the following significant modifications to New York State tax law:

  • Elimination of the royalty exclusion for taxpayers receiving royalty payments from related members and expansion of the safe-harbors whereby an add-back of royalty payments made to related members will not be required. Both changes apply to taxable years beginning on or after January 1, 2013.
  • Extension of the MTA business tax surcharge through taxable years ending before December 31, 2018.
  • Reduction in tax rates for qualified New York manufacturers.
  • Extension of the current personal income tax rates through 2017 and an extension of the limitation on charitable contribution deductions.
  • Extension of previously available credits and creation of new credits.

In this Tax Alert you can download, we summarize these recent changes.

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1 Laws of 2013, Ch. 59.


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