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TaxRAPP 2009

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

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  1. 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

  2. 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

  3. 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

  4. 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)

  5. 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

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

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