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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


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Overview

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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