New York ~ Multiple Taxes: Proposed Budget Includes Credits and Other Tax Provisions

New York Gov. Andrew M. Cuomo has released his 2013-2014 executive budget, which contains corporate and personal income, sales and use, property, motor fuels, and other tax provisions but no tax increases. Among other things, the proposed budget would:

— extend the MTA business tax surcharge for five years;

— extend the film production tax credit for five years, enhance the credit, and improve transparency;

— establish the New York Innovation Hot Spots Program;

— extend the high income charitable contribution deduction limitation for three years;

— close the royalty income “loophole” ;

— extend and enhance the historic commercial properties rehabilitation tax credit;

— establish the Charge NY electric vehicle recharging equipment tax credit;

— establish tax-free sales and the sale of alcoholic beverages at Taste-NY facilities;

— update criteria for refusal and revocation of a sales tax certificate of authority;

— expand the cigarette and tobacco retailer registration clearance process;

— increase the civil penalty for possessing unstamped cigarettes; and

— allow local governments to extend existing sales tax rates without state legislative approval.

2013-2014 New York State Executive Budget, Revenue, Article VII Legislation, New York State Division of the Budget, January 22, 2013

 

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Wolters Kluwer Tax and Accounting

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