Finance Memoranda

Department of Finance


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Finance Memoranda

Finance Memoranda advise taxpayers and tax professionals of the Department of Finance policy and procedures with respect to specific issues. Memoranda are:

merely advisory and explanatory in nature

not declaratory rulings or rules of the Department of Finance

not of legal force or effect

not precedent

not binding on taxpayers

Refer to inactive Finance Memoranda used in prior years for understanding Department of Finance procedures

2025

Finance Memorandum #25-1 Reserved

2024

2024 Business Corporation Tax Deriving Receipts Threshold
#24-2
3/15/24

Application of IRC §280F Limits to Sport Utility Vehicles
#24-1
12/30/24

2023

Application of IRC §280F Limits to Sport Utility Vehicles
#23-1
1/5/24

2022

2022 Legislative Highlights
#22-3
9/16/22

Interest and Penalty Relief for Taxpayers Retroactively Subject to the State Pass Through Entity Tax Addback Provision for the 2021 Tax Year
#22-2
5/17/22

Application of IRC §280F Limits to Sport Utility Vehicles
#22-1
1/19/23

2021

Additional Penalty Relief for Victims of Hurricane Ida
#21-4
10/14/21

Penalty Relief for Victims of Hurricane Ida
#21-3
9/15/21

Effect of IRS Deadline Extension for 2020 Personal Income Tax Returns on Penalties for NYC Individual Unincorporated Business Tax Filers
#21-2
3/25/21

Application of IRC §280F Limits to Sport Utility Vehicles
#21-1
10/7/21

2020

2018/2019/2020 Supplemental Business Tax Form Instructions Effectuating New York City’s Decoupling From CARES Act Amendments to IRC §163(j), IRC §172 and IRC §461(l)
#20-6
1/27/21

Additional Business Tax Filing Extensions and the COVID-19 Outbreak
#20-5
Revised 1/27/21

Real Property Transfer Tax Filing Extensions and the COVID-19 Outbreak
#20-4
3/20/20

Business Tax Filing Extensions and the COVID-19 Outbreak
#20-2
3/19/20

Application of IRC §280F Limits to Sport Utility Vehicles
#20-1
1/13/21

2019

Issuer’s Allocation Percentage under the Unincorporated Business Tax and the General Corporation Tax for Issuers and Obligors Taxed under the Business Corporation Tax
#19-2
1/14/19
Application of IRC §280F Limits to Sport Utility Vehicles
#19-1
3/2/20

2018

Attribution of Interest Deductions for Taxpayers with IRC §163(j) Limitations under the Business Corporation Tax, General Corporation Tax, Banking Corporation Tax, and Unincorporated Business Tax
#18-11
Revised 1/27/21

New York City Tax Treatment of GILTI, FDII, and IRC § 965 Repatriation Amounts Under the General Corporation Tax, Unincorporated Business Tax, and Banking Corporation Tax
#18-10
Revised 2/2/21

New York City Tax Treatment of Foreign-Derived Intangible Income Deduction, Global Intangible Low-Taxed Income, and Repatriation Amounts Under the Business Corporation Tax
#18-9
Revised 2/11/21

New York City Treatment of IRC § 965 Repatriation Amounts for Tax Year 2017 Under the General Corporation Tax, Unincorporated Business Tax, and Banking Corporation Tax
#18-8
9/25/18

Tax Treatment of IRC § 965 Repatriation Amounts for Tax Year 2017 for Business Corporation Taxpayers
#18-7
9/25/18
Recognition and Allocation of Deferred Income from a Non-Qualified Deferred Compensation Plan
#18-6
6/29/18

Implementation of the Other Tobacco Products (OTP) Tax
#18-5
6/1/18

Deemed Repatriation Income under the General Corporation Tax, the Banking Corporation Tax, and the Unincorporated Business Tax
#18-4
4/20/18

June 1, 2018 Deadline for Limited Withdrawal of the Commonly Owned Group Election Made on a Tax Year 2015 or 2016 Combined Return
#18-3
3/29/18

Filing Deadlines Extended Due to March 2018 Nor’easters
#18-2
3/15/18

Application of IRC §280F Limits to Sport Utility Vehicles
#18-1
3/25/19

2017
Joint State/City Power of Attorney Form
#17-6
10/17/17 (supersedes FM #17-4)

Reporting Federal and New York State Changes
#17-5
Revised 10/10/18

Joint State / City Power of Attorney Form
#17-4
6/28/17
Filing Deadlines Extended Due to Winter Storm Stella
#17-3
3/17/17
Tax on Capital: Calculating Liabilities Attributable to Categories of Business Capital
#17-2
3/2/17
Application of IRC §280F Limits to Sport Utility Vehicles
#17-1
2/6/18

2016

Changes to the Mandatory First Installment of Estimated Tax for Businesses
#16-7
12/23/16

Amendments to the Administrative Code of the City of New York to Change Due Dates of Certain NYC Tax Returns
#16-6
12/30/16

Tax on Hotel Room Occupancy Revised to Exempt Certain Occupancies Conveyed to Room Remarketers
#16-5
5/24/16

Transitional Filing Relief for Taxpayers Affected by New York City’s Corporate Tax Reform Legislation
#16-4
3/31/16

Additional Investment Capital Identification Periods for Certain Non-Dealers under the Business Corporation Tax (Corporate Tax of 2015)
#16-3
2/26/16

Direct and Indirect Attribution of Interest Deductions under the Business Corporation Tax (Corporate Tax of 2015)
#16-2
2/26/16

Application of IRC §280F Limits to Sport Utility Vehicles
#16-1
1/11/17

2015

Investment Capital Identification Requirements for the Corporate Tax of 2015
#15-3
7/17/15

Transitional Filing Provisions for Taxpayers Affected By Corporate Tax Reform Legislation
#15-2
4/17/15

Application of IRC §280F Limits to Sport Utility Vehicles
#15-1
6/3/16

2014
Application of IRC §280F Limits to Sport Utility Vehicles
#14-1
2/11/15

2013
Application of IRC §280F Limits to Sport Utility Vehicles
#13-1
1/15/14

2012
Emergency Extensions of Filing and Payment Due Dates for Victims of Hurricane Sandy
#12-2R
Revised 11/15/12
Application of IRC §280F Limits to Sport Utility Vehicles
#12-1
1/15/13
2011
Emergency Extensions of Filing and Payment Due Dates for Victims of Tropical Storm Lee
#11-4
9/16/11
One-Week Filing Extension Granted to Certain Taxpayers Whose Preparers Were Affected by Hurricane Irene
#11-3
9/13/11

The Department of Finance Announces Emergency Extensions of Due Dates For Tax Filing and Payments Due to Hurricane Irene
#11-2
9/9/11
Application of IRC §280F Limits to Sport Utility Vehicles
#11- 1
1/13/12
2010
Tax on Hotel Room Occupancy Revised for Room Remarketers
#10-3
Rev 5/24/16
2009
Tax on Hotel Room Occupancy Expanded to Include Additional Rent Charged by Room Remarketers
#09-3
8/14/09
2009 Legislative Highlights
#09-2
7/14/09
Calculating Investment Capital in the Alternative Tax Base
#09-1-R
Revised 7/21/09

2008
Guidance for Businesses Subject to the New York City Tax on Hotel Occupancy
#08-1REV
11/12/21
2007
Internet Access Charges - Bundled Services and VoIP Under Utility Tax
#07-1
1/12/07
2006
Hotel Rewards Points Programs Under Hotel Occupancy Tax
#06-2
11/30/06
2005
Department of Finance Policy Relating to the Service Members Civil Relief Act and the NYS Soldiers' and Sailors' Civil Relief Act
#05-3
Revised 7/12/05
Mandatory Payment of Real Property Taxes by Electronic Funds Transfer
#05-2
4/20/05
2004
None

2003
Mandatory Payment of Real Property Taxes by Electronic Funds Transfer
#03-4
11/19/03
This FM is in the process of being revised to more accurately reflect current law. Please be aware that parts of the FM may no longer be applicable. An updated version will be available soon.

2002
Explanation of Taxpayer Assistance Act of 2002
#02-4
10/25/02
New York City Tax Consequences of Certain Retroactive Federal and New York Tax Law Changes
#02-3
Revised 10/2/03
2001
None

2000
Protective Commercial Rent Tax refunds for Tenants Receiving Property Tax Escalation Payment Refunds
#00-8
10/23/00

Real Property Transfer Tax on Bulk Sales of Cooperative Apartments and Residential Condominium Units
#00-6rev
9/08/11

Department to Accept IRS PTINs
#00-1
1/13/00

1999
Treatment of Internet Access Charges
#99-5REV
7/28/11

Depreciation for Property Placed in Service Outside New York After 1984 and Before 1994
#99-4
10/21/99
New York City Tax Treatment of Federal S Elections by Banking Corporations and Qualified Subchapter S Subsidiaries
#99-3
10/21/99
1996 Changes to NYC General Corporation Tax Potential Impact on Homeowners Associations
#99-2
10/21/99
Federal Check Box Rules New York City Tax Implications
#99-1
10/21/99