reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 105 - Accounting Periods And Methods And Resident Defined › Accounting Methods › Section 105.10 - Accounting methods

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 605(a)(3)
(a)
General.
(1) A taxpayer must employ the same method of accounting in determining such taxpayer's New York taxable income as such taxpayer uses for Federal income tax purposes.
(2) The term
method of accounting
refers not only to the overall method of accounting (such as cash or accrual), but also to the accounting treatment of particular items of income, gain, loss or deduction (such as depreciation and research and expenditures).
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 105 - Accounting Periods And Methods And Resident Defined › Accounting Methods › Section 105.11 - Change of accounting methods

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 605(a)(4)(A)
(a) Except where a taxpayer does not have a
						method of accounting for Federal income tax purposes, a taxpayer may not change
						such taxpayer's method of accounting for New York State personal income tax
						purposes unless a similar change has been made for Federal income tax
						purposes.
(b) Where a taxpayer's
						method of accounting is changed for Federal income tax purposes, such
						taxpayer's method of accounting for New York State personal income tax purposes
						must be similarly changed. A copy of the consent of the Commissioner of
						Internal Revenue to the change must be attached to the taxpayer's first New
						York State personal income tax return filed under the new method or, if no
						consent is required, a statement to that effect referring to the particular
						provision of the Internal Revenue Code or regulations thereunder authorizing
						the change. Also see sections
						105.12
						and
						105.13 
						of this Part with regard to other information required to be submitted where a
						taxpayer's method of accounting is changed.
(c) Where a taxpayer does not have a method
						of accounting for Federal income tax purposes, an application for permission to
						change a method of accounting for New York State personal income tax purposes
						must be made within 180 days after the beginning of the taxable period to which
						the proposed change will relate. Such application must be accompanied by a
						statement specifying the nature of the taxpayer's business, such taxpayer's
						present method of accounting, the method to which such taxpayer desires to
						change, the taxable year in which the change is to be effected, the classes of
						items to receive different treatment under the new system, and all items which
						would be duplicated or omitted as a result of the proposed change. If such
						taxpayer must later choose a method of accounting for Federal income tax
						purposes and such method differs from the taxpayer's method used for New York
						State personal income tax purposes, the taxpayer must conform such taxpayer's
						New York State method of accounting to the method of accounting chosen for
						Federal income tax purposes.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 105 - Accounting Periods And Methods And Resident Defined › Resident Defined › Section 105.20 - Resident individual

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 605(b)(1)
(a)
General.
An individual may be a resident of New York State for
						  personal income tax purposes, and taxable as a resident, even though such
						  individual would not be deemed a resident for other purposes. As used in this
						  Subchapter, the term
resident individual
includes:
(1) all persons domiciled in New York State,
						subject to the exceptions set forth in subdivision (b) of this section;
						and
(2) any individual (other than
						an individual in active service in the Armed Forces of the United States) who
						is not domiciled in New York State, but who maintains a permanent place of
						abode for substantially all of the taxable year (generally, the entire taxable
						year disregarding small portions of such year) in New York State and spends in
						the aggregate more than 183 days of the taxable year in New York
						State.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 105 - Accounting Periods And Methods And Resident Defined › Resident Defined › Section 105.23 - Resident estate or trust

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 605(b)(3)
(a) A resident estate or trust is:
(1) the estate of a decedent who at such
						decedent's death was domiciled in New York State;
(2) a trust, or portion of a trust,
						consisting of property transferred by will of a decedent who at such decedent's
						death was domiciled in New York State; or
(3) a trust or portion of a trust, consisting
						of the property of:
(i) a person domiciled in
						New York State at the time such property was transferred to the trust, if such
						trust or portion of a trust was then irrevocable, or if it was then revocable,
						and has not subsequently become irrevocable; or
(ii) a person domiciled in New York State at
						the time such trust, or portion of a trust, became irrevocable, if it was
						revocable when such property was transferred to the trust but has subsequently
						become irrevocable.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.1 - Investment credit and retail enterprise credit

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 606(a)
(a)
General.
(1) Investment credit. A taxpayer is allowed an investment credit against the ordinary tax (see section 101.1  of this Article), after allowance of any of the other credits permitted under this Part and any credits permitted under Parts 120, 121 and 140 of this Title, with respect to qualified tangible personal property and other qualified tangible property, including buildings and structural components of buildings which were acquired, constructed, reconstructed or erected after December 31, 1968. A taxpayer entitled to claim an investment credit must claim such credit for the first taxable year in which the property becomes qualified property pursuant to paragraph (c)(1) of this section.
(2) Retail enterprise credit. A taxpayer who operates a retail enterprise (see paragraph [c][4] of this section) and who is not eligible to claim the investment credit allowed under paragraph (1) of this subdivision, but who is eligible to claim the Federal investment credit allowable pursuant to the provisions of section  48(a)(1)(E) of the Internal Revenue Code, is allowed a retail enterprise credit against the ordinary tax (see section 101.1  of this Article), after allowance of any of the other credits permitted under this Part and any credits permitted under Parts 120, 121 and 140 of this Title. The retail enterprise credit is allowed with respect to qualified rehabilitation expenditures paid or incurred on or after June 1, 1981 with respect to a qualified rehabilitated building located in New York State. A taxpayer entitled to claim a retail enterprise credit must claim such credit for the first taxable year in which the qualified rehabilitation expenditures are paid or incurred.
(3) Where credit is claimed under either paragraph (1) or (2) of this subdivision, a New York State Investment Credit Schedule (form IT-212) must be submitted with the taxpayer's New York State income tax return.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.2 - Household credit

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 601(e), 606(b)
Where a husband and wife are required to file separate
						New York State personal income tax returns, in accordance with section 651 (b)  of the Tax Law, the
						unused portion of either spouse's household credit may not be claimed by the
						other spouse.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.3 - Security training tax credit

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, §§ 26, 606(ii)
A taxpayer that is a qualified building owner, as defined
						under section 26 (b)(1)  of the Tax Law, and
						that has been issued a certificate of tax credit by the State Office of
						Homeland Security is allowed to claim a security training tax credit against
						the tax imposed by article 22 of the Tax Law. The provisions of Subpart 5-4 of
						this Title addressing the security training tax credit against the tax imposed
						by article 9-A are applicable to the security training tax credit allowed by
						section 606 (ii)  of the Tax
						Law.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.4 - Real property tax circuit breaker credit

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 606(e)
(a)
Determination of adjusted
					 rent.
For purposes of section 606 (e)(1)(G)  of the Tax Law
						(relating the definition of
adjusted rent
for purposes of the
						real property tax circuit breaker credit), where a household (see section
						606[e][1] [B] of the Tax
						Law) rents and occupies more than one residence during the taxable year
						(provided that the qualified taxpayer (see section
						606[e][1][A] of the Tax
						Law) occupies one of such residences for six months or more during the taxable
						year), the adjusted rent for the taxable year is the aggregate of the adjusted
						rent determined separately for each such residence.
(b)
Division of the real property tax
					 circuit breaker credit among two or more qualified household members.
(1) For purposes of section 606 (e)(6)  of the Tax Law,
					 except as otherwise provided in paragraph (2) of this subdivision, where two or
					 more members of a household are able to meet the qualifications for a qualified
					 taxpayer (including a husband and wife who file separate New York State
					 resident personal income tax returns), the one real property tax circuit
					 breaker credit allowable for the taxable year must be divided between or among
					 such individuals on the separate claim form filed by each of such individuals
					 in accordance with the provisions of subdivision (d) of this section. Where a
					 division other than an equal division of the real property tax circuit breaker
					 credit is agreed upon by each of the qualified taxpayers in a household, a copy
					 of the written agreement provided for by section 606 (d)(6)  of the Tax Law
					 must be filed by each qualified taxpayer with his or her separate claim form
					 (see subdivision [d] of this section). This written agreement must be signed by
					 each of the qualified taxpayers in the household. Such agreement may be signed
					 on behalf of a qualified taxpayer by such qualified taxpayer's legal guardian
					 or attorney in fact (see paragraph [c][2] of this section).
(2) Where a husband and wife file a joint New
					 York State resident personal income tax return in accordance with the
					 provisions of section 651  of the Tax Law, and at least one of the
					 spouses is a qualified taxpayer, the real property tax circuit breaker credit
					 (or portion thereof, if divided among other qualified taxpayers in the
					 household) allowable to the husband and wife is not required to be divided. The
					 husband and wife may claim the real property tax circuit breaker credit, or
					 portion thereof, to which they are entitled by filing one claim form (see
					 subdivision [d] of this section).
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.5 - Credit for taxicabs and livery service vehicles accessible by individuals with disabilities

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 606(oo)
(a)
General.
As provided in section 606 (oo)  of the Tax Law, a
						taxpayer that provides a taxicab or livery service in New York State in
						accordance with required licenses or permits issued by a local authority and
						the New York State Department of Motor Vehicles that incurred an incremental
						cost associated with the purchase of a vehicle accessible by individuals with
						disabilities or the conversion of a motor vehicle to a vehicle accessible by
						individuals with disabilities that is used in providing such service is allowed
						to claim a credit for taxicabs and livery service vehicles accessible by
						individuals with disabilities against the tax imposed by article 22 of the Tax
						Law. The provisions of Subpart 5-5 of this Title addressing the credit for
						taxicabs and livery service vehicles accessible by individuals with
						disabilities against the tax imposed by article 9-A are applicable to the
						credit for taxicabs and livery service vehicles accessible by individuals with
						disabilities allowed by section 606 (oo)  of the Tax
						Law.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.6 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.7 - Economic development zone investment tax credit

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, §§ 606(j), 683(c)(9)
A taxpayer, who has been certified or who has applied for
						certification pursuant to article 18-B of the General Municipal Law, is
						allowed, by section 606 (j)  of the Tax Law, to
						claim an economic development zone investment tax credit (EDZ-ITC) against the
						ordinary tax (see section
						101.1 
						of this Title), after allowance of any of the other credits referred to in this
						Part and any credits referred to in Parts 120, 121 and 140 of this Title. The
						EDZ-ITC is allowed with respect to qualified tangible personal property and
						other qualified tangible property, including buildings and structural
						components of buildings, which is located within an economic development zone,
						designated as such pursuant to article 18-B of the General Municipal Law,
						provided the acquisition, construction, reconstruction or erection of such
						property occurred or was commenced on or after the date of such designation and
						prior to the expiration thereof. The provisions of Subpart 5-10 of this Title,
						dealing with the EDZ-ITC against the tax imposed by article 9-A of the Tax Law,
						are applicable to the credit allowed by section 606 (j)  of the Tax Law,
						except as may otherwise be required by such section. Included within those
						exceptions are provisions of section 606 (j)(1)  of the Tax Law
						which provide that the amount of the EDZ-ITC shall be eight percent of the cost
						or other basis for Federal income tax purposes, and section 606 (j)(4)  of the Tax Law
						which provide that the EDZ-ITC for any taxable year may not exceed the
						taxpayer's tax for such year.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.8 - Empire zone wage tax credit

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 606(k)
In accordance with section 606 (k)  of the Tax Law, a
						taxpayer who has been certified or who has applied for certification according
						to article 18-B of the General Municipal Law may be eligible to claim an empire
						zone wage tax credit against the ordinary tax (see section
						101.1 
						of this Article), with respect to wages paid for full-time employment in newly
						created jobs located in empire zones (EZ's) or zone equivalent areas (ZEA's),
						designated as such according to article 18-B of the General Municipal Law. The
						provisions of Subpart 5-9 of this Title, dealing with the empire zone wage tax
						credit against the tax imposed by article 9-A of the Tax Law, are applicable to
						the credit allowed by section 606 (k)  of the Tax Law,
						except that references in Subpart 5-9 of this Title to section 210.19 of the
						Tax Law are deemed to refer to section 606(k) for article 22
						taxpayers.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.9 - Economic development zone capital tax credit

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 606(1)
A taxpayer is allowed to claim an economic development
						zone capital tax credit (EDZ-capital tax credit) with respect to the sum of the
						investments and contributions, provided in section 606 (l)(1)  of the Tax Law,
						made during the taxable year and certified by the Commissioner of Economic
						Development. The provisions of Subpart 5-8 of this Title, dealing with the
						EDZ-capital tax credit against the tax imposed by article 9-A of the Tax Law,
						are applicable to the credit allowed by section 606 (l)  of the Tax Law,
						except as may otherwise be required by such section. Included within those
						exceptions are provisions of section 606 (l)(2)(A)  of the Tax
						Law, which provide that the amount of the EDZ-capital tax credit and carryovers
						of such credit for any taxable year may not exceed the taxpayer's tax for such
						year; section 606 (l)(2)(B) and (C)  of the
						Tax Law, which limit the total amount of the credit allowed, with respect to a
						husband or wife who is required to file a separate return, or with respect to
						an estate or trust, respectively; and provisions of section 606(l)(3), which
						require taxpayers to adjust their New York taxable income to reflect the
						reduced cost of qualified investments arising from the application of the
						EDZ-capital tax credit when such investments are disposed of. A taxpayer must
						submit a "Claim for Economic Development Zone Capital Tax Credit" (form
						DTF-602) when claiming the credit.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.10 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.11 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.12 - Federal credits against income tax not allowable for New York State personal income tax purposes

Current through Register Vol. 46, No. 28, July 10, 2024
For Federal income tax purposes, certain credits against
						Federal tax are allowed. However, such Federal credits against tax are not
						allowable for New York State personal income tax purposes.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 106 - Credits Against New York State Personal Income Tax › Section 106.13 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 107 - Meaning Of Terms › Section 107.1 - Meaning of terms-general

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 607(a)
Any term used in article 22 of the Tax Law and in this
						Subchapter has the same meaning as required by a comparable context under the
						laws of the United States relating to Federal income taxes, and the Federal tax
						regulations promulgated thereunder, unless a different meaning is clearly
						required; but such meaning shall be subject to the exceptions or modifications
						prescribed in article 22 of the Tax Law, by other statute or by this
						Subchapter. Any reference to the laws of the United States means the provisions
						of the Internal Revenue Code of 1986 (unless a reference to the Internal
						Revenue Code of 1954 is clearly intended), and amendments thereto, and other
						provisions of the laws of the United States relating to Federal income taxes,
						as the same may be or may become applicable to the taxable
						year.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 107 - Meaning Of Terms › Section 107.2 - Marital or other status

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 607(b)
A taxpayer's marital or other status, under sections 601, 606 (b) and 614  of the Tax Law, is the same as the taxpayer's marital, head of
						household or surviving spouse status for the purpose of establishing the
						applicable Federal income tax rates. As used in this Subchapter, the term
single individual
means an unmarried individual other than a
						head of household or a surviving spouse.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 107 - Meaning Of Terms › Section 107.3 - Use of the term "New York State income tax return"

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Subchapter, the term New York State
						income tax return means any return required under article 22 of the Tax Law,
						unless the text clearly refers to a specific return required under such article
						22 of the Tax Law.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 107 - Meaning Of Terms › Section 107.4 - Use of the terms "shall" and "may"

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Subchapter, the term shall denotes a
						mandatory meaning and the term may denotes a permissive
						meaning.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 107 - Meaning Of Terms › Section 107.5 - Department of Taxation and Finance

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Subchapter, the terms Department and
						Department of Taxation and Finance mean the Division of Taxation of the New
						York State Department of Taxation and Finance unless the text clearly requires
						a different meaning.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 107 - Meaning Of Terms › Section 107.6 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 1 - General › Part 107 - Meaning Of Terms › Section 107.7 - Erroneous refund

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For
					 purposes of section 683 (c)(5) and section 684 (j)  of the Tax Law, the
					 term erroneous refund means a refund which is issued as a result of an error
					 made by an employee of the Department of Taxation and Finance, including an
					 error made in an audit of a New York State income tax return. However, a refund
					 in the amount requested by a taxpayer on a New York State income tax return,
					 including a refund of such amount issued after verification of such return for
					 a mathematical error by an employee of the department, is not an erroneous
					 refund as defined in this subdivision, up to or in any part of the amount
					 claimed, since such refund is issued relying entirely on the claims made
					 therein by the taxpayer.
(b)
					 Examples of the application of the erroneous refund concept under subdivision
					 (a) of this section include, but are not limited to, the following:
Example 1:Taxpayer A claims a New York itemized deduction
						of $6,900 on A's 1987 New York State personal income tax return. Upon
						processing, the itemized deduction claimed is entered on the Department's
						computer as $9,600 and the Department increases the refund requested by A. At a
						later date, within the statute of limitations under section 683  of the Tax Law, the Department discovers
						its error and issues a deficiency for the portion of the refund issued in
						error. Since such portion of the refund previously issued occurred as a result
						of an error made by an employee of the Department, such portion is an erroneous
						refund and interest will not be imposed on the deficiency pursuant to section 684 (m)  of the Tax Law where
						such deficiency is paid within the time prescribed.
Example 2:Taxpayer C files a timely 1987 New York State
						personal income tax return requesting a refund. C receives a refund in the
						amount requested. Upon audit, within the statute of limitations under section 683  of the Tax Law, an item claimed on such
						return is disallowed and a deficiency for additional New York State personal
						income tax due is issued. Since the Department relied entirely on the claims
						made by C on the New York State personal income tax return in issuing the
						refund in the amount requested by C, such refund is not an erroneous refund and
						interest will be computed on the additional New York State personal income tax
						due pursuant to section 684 (a)  of the Tax
						Law.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 111 - New York Taxable Income Of A Resident Individual › Section 111.1 - New York taxable income of a resident individual

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 611(a)
(a)
General.
The New York taxable income of a resident individual is
						such individual's New York adjusted gross income (see section
						112.1 
						of this Article) reduced by such individual's New York standard deduction or
						itemized deduction and such individual' s New York exemptions (see Parts 114,
						115 and 116 of this Article).
(b) A resident individual's New York taxable
					 income is subject to the New York State personal income tax on New York taxable
					 income as set forth in sections 601 and 699  of the Tax Law (see section
					 101.2  of this
					 Title).
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 111 - New York Taxable Income Of A Resident Individual › Section 111.2 - New York taxable income of husband and wife

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 611(b)
(a) Where both a husband and wife are
					 residents and they determine their Federal taxable incomes separately on
					 separate Federal income tax returns, they must also determine their New York
					 taxable incomes separately on separate New York State personal income tax
					 returns (also see section
					 651[b][1] of the Tax
					 Law).
(b) Where both a husband and
					 wife are residents and they determine their Federal taxable income on a joint
					 Federal income tax return, they must also determine their New York taxable
					 income jointly on a joint New York State personal income tax return (also see
					 section
					 651[b][2] of the Tax
					 Law).
(c) If neither husband or
					 wife, both of whom are residents, files a Federal income tax return, they may
					 determine their New York taxable income jointly on a joint New York State
					 personal income tax return, or if both so elect, they may determine their New
					 York taxable incomes separately on separate New York State personal income tax
					 returns (also see section
					 651[b][3] of the Tax
					 Law).
(d)
Husband and wife
					 with different resident status.
(1) If
					 either the husband or the wife is a resident of New York State for the entire
					 taxable year and the other is a nonresident or part- year resident during such
					 taxable year, they must each determine their New York taxable income on
					 separate New York State personal income tax returns unless they:
(i) file a joint Federal income tax return;
					 and
(ii) they elect to file a joint
					 New York State personal income tax return determining their joint New York
					 taxable income as if both the husband and wife were residents of New York State
					 for the entire taxable year (also see section
					 651[b]
					 [4] of the Tax Law).
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 112 - New York Adjusted Gross Income Of A Resident Individual › Section 112.1 - New York adjusted gross income of a resident individual

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 612(a)
The
New York adjusted gross income of a resident
						individual
means such individual's Federal adjusted gross income with
						certain modifications. These modifications relate to items whose treatment, for
						purposes of the New York State Tax Law, is different than under the Internal
						Revenue Code. Section
						112.2 
						of this Part lists the modifications which increase Federal adjusted gross
						income in determining New York adjusted gross income, while section
						112.3 
						of this Part lists the modifications which reduce Federal adjusted gross
						income. When the applicable modifications are added to or subtracted from
						Federal adjusted gross income, the result is the taxpayer's New York adjusted
						gross income.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 112 - New York Adjusted Gross Income Of A Resident Individual › Section 112.4 - Modification for New York fiduciary adjustment

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 612(d)
Where a resident individual is a beneficiary of an estate
						or trust, such individual's Federal adjusted gross income must be increased or
						decreased (as the case may be) by such individual's share of the New York
						fiduciary adjustment applicable to the estate or trust. This fiduciary
						adjustment is the net amount of modifications relating to estate or trust items
						of income, gain, loss or deduction, and is computed by the fiduciary in such
						fiduciary's New York State personal income tax return for the estate or trust.
						The fiduciary also allocates to each beneficiary such beneficiary's
						proportionate share of this fiduciary adjustment (see Part 119 of this
						Article). Each beneficiary, on such beneficiary's individual New York State
						personal income tax return, must apply such beneficiary's share of the
						fiduciary adjustment as a modification of such beneficiary's Federal adjusted
						gross income in order to determine such beneficiary's New York adjusted gross
						income.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 112 - New York Adjusted Gross Income Of A Resident Individual › Section 112.5 - Modification of Federal adjusted gross income by partners and shareholders of S corporations

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 612(e)
(a)
(1) Where a resident individual is a member of:
(i) a partnership; or
(ii) a shareholder of an S corporation which is not a New York C corporation subject to tax under article 9-A of the Tax Law and;
(a) for which the election to be treated as a New York S corporation under section 660 (a)  of the Tax Law is in effect; or
(b) a shareholder of an S corporation that cannot make the election provided for under section 660 (a)  of the Tax Law, because the S corporation is a foreign S corporation (
i.e.,
an S corporation that is not incorporated in New York State) that does not do business in New York State, or because the S corporation is an S corporation that is taxed under article 9 of the Tax Law, then, the applicable modifications referred to in this Part which relate to partnership or S corporation items of income, gain, loss or deduction which are included in adjusted gross income, must be made by such individual as determined under section 617  of the Tax Law. These modifications are applicable since, under the Tax Law, each item of partnership or S corporation income, gain, loss or deduction has the same character for a partner or S corporation shareholder as for Federal income tax purposes. Where the partnership or S corporation item is not characterized for Federal income tax purposes, such item has the same character for the partner or shareholder as if such item were realized directly by such partner or shareholder from the source from which realized by the partnership or S corporation, or incurred by such partner or shareholder in the same manner as incurred by the partnership or S corporation.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 112 - New York Adjusted Gross Income Of A Resident Individual › Section 112.7 - Optional modifications for depreciation

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 612(g)
(a)
General.
(1) For taxable years beginning on or after
					 January 1, 1964, a taxpayer is provided an option to subtract from Federal
					 adjusted gross income an amount not to exceed twice the amount of Federal
					 depreciation on certain newly acquired depreciable property (optional
					 depreciation). See section
					 112.3(k) 
					 of this section for the applicable subtraction modification.
(2) Property which qualifies for the
					 modification with respect to optional depreciation is described in section 612 (g)(3) and (4)  of the
					 Tax Law. This modification is allowed only upon condition that any depreciation
					 or amortization allowed with respect to the same property in determining
					 Federal adjusted gross income for a taxable year is added to Federal adjusted
					 gross income (see section
					 112.2[f] 
					 of this Part) for such taxable year. The total of all modifications under this
					 section in any taxable year or years with respect to any property described in
					 section 612 (g)(3)  of the Tax Law
					 must not exceed its cost or other basis and, with respect to property described
					 in section 612 (g)(4)  of the Tax Law
					 which is used in a business carried on both within and without New York State,
					 must not exceed its cost or other basis multiplied by a percentage of the
					 excess of the taxpayer's business income over its business deductions which is
					 allocated to New York State for the first year such modification is made. Such
					 percentage shall be determined in accordance with the rules provided in section
					 132.15 
					 of this Title.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 112 - New York Adjusted Gross Income Of A Resident Individual › Section 112.8 - Modification for mines, oil and gas wells and other natural deposits

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 612(i)
(a) In the case of mines, oil and gas wells and other natural deposits, any allowance for percentage depletion under section 613 or section  613A of the Internal Revenue Code must be added to Federal adjusted gross income (see section 112.2[h]  of this Part). However, an allowance for cost depletion with respect to such property must be subtracted from Federal adjusted gross income in the amount which would be deductible under section  611 of the Internal Revenue Code if such deduction were computed without reference to section 613 or section 613A of such code (see section 112.3[m]  of this Part).
(b) With respect to the computation of depletion under this section, the basis for such computation for taxable years beginning in 1972 is the Federal basis. For subsequent taxable years, the basis for such computation shall be reduced only by the deduction for the allowance for cost depletion deductible under section 612 (i)  of the Tax Law.
(c) The portion of any gain from the sale or other disposition of such property having a higher adjusted basis for New York State personal income tax purposes than for Federal income tax purposes, that does not exceed such difference in basis, must be subtracted from Federal adjusted gross income (see section 112.3[m]  of this Part).
(d) Once the cost or other basis of property has been exhausted or reduced to zero, no further modification for cost depletion will be allowed (see section 112.3[m]  of this Part). However, if percentage depletion has been claimed for Federal income tax purposes, the modification required by section 612 (b)(10)  of the Tax Law (see section 112.2[h]  of this Part) must be made.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 112 - New York Adjusted Gross Income Of A Resident Individual › Section 112.9 - Modifications with respect to disposition of stock or indebtedness of an electing Federal S corporation

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 612(n)
(a)
(1)
General.
Where (i) the election to be treated as a New York S corporation under section 660 (a)  of the Tax Law is not in effect for one or more taxable years beginning after December 31, 1980, and (ii) a gain or loss is recognized for Federal income tax purposes from the disposition of stock or indebtedness of a corporation electing under Subchapter S of the Internal Revenue Code, and (iii) such gain or loss is reflected in Federal adjusted gross income; the modifications referred to in sections 112.2(r) and 112.3(q)  of this Part are to be made in accordance with subdivisions (b), (c), and (d) of this section with regard to such gains or losses.
(2) Exception. A resident shareholder of an S corporation that cannot make the election provided for under section 660 (a)  of the Tax Law (
e.g.,
a foreign S corporation [
i.e.,
an S corporation that is not incorporated in New York State] that does not do business in New York State or an S corporation that is taxed under article 9 of the Tax Law) is not required to make the modification referred to in this paragraph.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 112 - New York Adjusted Gross Income Of A Resident Individual › Section 112.10 - Modification relating to the sale of a reinvestment in a New York new business

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 612(q)
Where a taxpayer deferred an amount under section 612 (p)  of the Tax Law, as
						such section was in effect for taxable years beginning before 1988, such amount
						must be added to Federal adjusted gross income when the reinvestment in the New
						York new business, which qualified the taxpayer for such deferral, is
						sold.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 112 - New York Adjusted Gross Income Of A Resident Individual › Section 112.11 - Modifications relating to property acquired from the estate of a decedent

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 612(r)
(a)
General.
A modification may be required under section 612 (b)(17) or 612 (c)(19)  of the Tax Law (see section
						112.2[n]
						 or
						112.3[o] 
						of this Part) when property acquired from a decedent and valued by the executor
						of the estate is either sold or disposed of and a gain or loss is
						realized.
(b) Where a
					 Federal estate tax return is not required to be filed, the Federal gain or
					 loss, based on the value of the property sold or disposed of as of the date of
					 the decedent's death, will be reflected in Federal adjusted gross income. Where
					 such property was valued under the alternate valuation method for New York
					 State purposes, the New York State gain or loss realized will be based on the
					 value of the property as of the alternate valuation date or dates. This may
					 result in a different gain or loss for Federal and New York State tax purposes
					 and such difference becomes the modification required under section 612 (b)(17) or 612 (c)(19)  of the Tax Law (see section
					 112.2[n]
					 or
					 112.3[o] 
					 of this Part).
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 112 - New York Adjusted Gross Income Of A Resident Individual › Section 112.12 - Modification relating to S corporation termination

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 612(s)
(a)
General.
In the case of a New York S termination year (as defined in section 208[1-A] of the Tax Law to mean any taxable year of a corporation during which the New York S election terminates on a day other than the first day of such year) the amount of any item of S corporation income, loss and deduction included in the shareholder's Federal adjusted gross income and any reductions for taxes as described under section  1366(f)(2) and (3) of the Internal Revenue Code, relating to the tax imposed on built-in gains and to the tax imposed on excess net passive income, shall be adjusted in accordance with the allocation methods provided in paragraphs (1) or (2) of subdivision (b) of this section.
(b)
Allocation methods.
(1) Pro rata allocation. Unless paragraph (2) of this subdivision applies, the pro rata allocation is determined as follows:
(i) assign an equal portion of each S corporation item, as described in subdivision (a) of this section, to each day of the S corporation's taxable year for Federal income tax purposes;
(ii) multiply each of the amounts in subparagraph (i) of this paragraph by a fraction, the numerator of which is the number of days in the S short year, (as defined in section 208[1-A] of the Tax Law to mean the portion of the taxable year ending before the first day for which the S termination is effective) and the denominator of which is the number of days in the S termination year;
(iii) the amounts so determined in subparagraph (ii) of this paragraph are the pro rata shares of such S corporation items described in subdivision (a) of this section. The pro rata share of such items determined with respect to the reductions for taxes under section  1366(f)(2) and (3) of the Internal Revenue Code is subject to the modification required by section 612 (b)(18)  of the Tax Law (see section 112.2[o]  of this Part);
(iv) the balance of the amounts so determined in subparagraph (ii) of this paragraph are attributable to the C short year (as defined in section 208[1-A] of the Tax Law to mean the portion of the taxable year beginning on the first day the New York S election terminates) and are subject to the modifications required by sections 612 (b)(19), 612 (b)(20) and 612 (c)(22)  of the Tax Law (see, respectively, sections 112.2[p], 112.2[q] and 112.3[r]  of this Part).