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TaxRAPP 2009

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TaxRAPP 2009. New York State – New York City Conformity: Where Do We Go From Here?. Moderator: Michael Hyman Deputy Commissioner, TAPE, NYC Finance Panelists: Peter L. Faber Partner, McDermott, Will & Emery LLP Robert D. Plattner Deputy Commissioner, Tax Policy,

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TaxRAPP 2009

New York State – New York City Conformity:Where Do We Go From Here?

Moderator:

Michael Hyman Deputy Commissioner, TAPE, NYC Finance

Panelists:

Peter L. Faber Partner, McDermott, Will & Emery LLP

Robert D. Plattner Deputy Commissioner, Tax Policy,

NYS Taxation & Finance

new york state new york city conformity where do we go from here
New York State – New York City ConformityWhere Do We Go From Here?

General Corporation Tax

  • Apportionment
    • Single-sales factor phased in over 10 years
    • Broker/Dealer Receipts
  • Combined Filing
  • New Minimum Tax Structure
  • New Cap on Capital Base

2009 Legislative Highlights

new york state new york city conformity where do we go from here3
New York State – New York City Conformity Where Do We Go From Here?

Unincorporated Business Tax

  • Firms with Taxable Incomes Less Than $100,000 Pay No Tax
  • Filing Threshold Raised to $95,000
  • Apportionment
    • Single-sales factor phased in over 10 years
    • Broker/Dealer Receipts
new york state new york city conformity where do we go from here4
New York State – New York City Conformity Where Do We Go From Here?

Banking Corporation Tax

  • NOL Carryforward Added
  • Foreign Banks Switched to Taxable Assets Alternative Base (Effective in 2011)
  • Captive REITs Included in Combined Return with a Related NYC Taxpayer
  • Economic Nexus for Credit Card Companies (Effective 2011)
new york state new york city conformity where do we go from here5
New York State – New York City Conformity Where Do We Go From Here?

Collection and Administrative Provisions

  • Financial Institution Data Matching
  • Voluntary Disclosure
  • Mandatory Electronic Filing
  • Corporate Dissolution
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