Business Tax
Conformity
New York City has overhauled its business taxes for 2009, bringing them into closer conformity with State laws.
2009 Legislative Highlights
Notice of Revised Interest Rates
Currently, 32,500 firms in New York City pay the
UBT. Starting for taxes filed for calendar year 2009, this new law will provide tax relief to half that population by effectively exempting nearly 11,000 firms with taxable incomes of $100,000 or less from the UBT and providing partial tax relief to an additional 6,000 with taxable incomes between $100,000 and $150,000.
UBT Relief
Law
Given the recent economic downturn, the state has
adopted a package of business tax reforms conforming New York City tax law to
changes that were adopted by New York State in the last three years. The
business tax reform package benefits both the private and the public sector by
modernizing our tax system to make it easier to both file and administer
taxes. In addition, the conformity law's move to a single-sales factor
approach ends the incentive to locate property and employees outside of New York
City.
Tax Conformity Law
