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NY S09454
Bill
Status
8/31/2022
Primary Sponsor
Liz Krueger
Click for details
AI Summary
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Excludes COVID-19 pandemic small business recovery grants and small business resilience grants from taxable income under NYC business taxes (sections 11-506, 11-602, 11-641, and 11-652) to the extent included in federal taxable income, retroactive to January 1, 2021.
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Allows tax overpayments and interest to be credited against any tax liability owed before being paid to the state commissioner of taxation and finance, applying to both business corporation tax and general taxes.
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Expands the business corporation tax nexus threshold to include corporations "deriving receipts from activity in the city" with $1 million or more in receipts, and adds provisions for unitary groups with aggregated receipts meeting thresholds.
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Establishes annual consumer price index adjustments to receipt thresholds for business corporation tax, with adjustments rounded to the nearest $1,000 and applied to tax periods beginning after adjustment.
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Requires disclosure of ultimate ownership of limited liability companies in real property transfer tax returns for residential properties with up to four family dwelling units, with exceptions for publicly traded entities, REITs, UPREITs, and mutual funds.
Legislative Description
Relates to the exclusion of certain grants as taxable income for certain business taxes, the imposition of the business corporation tax, the credit of certain overpayments of tax against other taxes owed, and the disclosure of owners of limited liability companies with respect to the real property transfer tax; relates to a city pass-through entity tax.
Last Action
SIGNED CHAP.555
8/31/2022