You may have recently received a notification letter, Form RP-425-MBE from the New York Department of Taxation and Finance indicating that you are receiving the Basic STAR, but that you may now be eligible for the Enhanced STAR exemption, which provides a larger benefit to seniors. To be eligible … [Read more...] about NYS Enhanced STAR Exemption
New York State
Federal Unemployment Tax Increasing in New York State and Others
On November 10, 2022, the United States Department of Labor announced that California, Connecticut, Illinois and New York will be credit reduction states for purposes of 2022 FUTA payments. A state is a credit reduction state if it has taken loans from the federal government to meet its state … [Read more...] about Federal Unemployment Tax Increasing in New York State and Others
Applications Now Being Accepted for NY COVID-19 Capital Costs Tax Credit Program
NY Gov. Kathy Hochul announced this week that applications are now being accepted from small businesses that have successfully completed the prescreening process to become certified for the COVID-19 Capital Costs Tax Credit Program, where small businesses are eligible for a tax credit of 50% of … [Read more...] about Applications Now Being Accepted for NY COVID-19 Capital Costs Tax Credit Program
New York State Pass-Through Entity Tax (PTET) Update
New York State’s fiscal year 2022-2023 State Budget Bill and recent legislative amendments contain significant changes to the NYS Pass-through entity tax (PTET). Key changes include an extension of time to make the annual PTET election for the 2022 tax year, two classifications of S‑corporations for … [Read more...] about New York State Pass-Through Entity Tax (PTET) Update
Pass-Through Entity Tax: 2022 Annual Election and Quarterly Estimates
The new New York State pass-through entity tax (PTET) is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. If a partnership or New York S corporation elects to pay PTET - partners, members or … [Read more...] about Pass-Through Entity Tax: 2022 Annual Election and Quarterly Estimates
New York Expands Excelsior Jobs Program for Green Projects
The New York budget legislation enacted in 2021 included an expansion of the Excelsior Jobs Program for green projects. The Excelsior Jobs Program provides job creation and investment incentives for businesses in targeted industries in the form of refundable tax credits that can be claimed over a … [Read more...] about New York Expands Excelsior Jobs Program for Green Projects