2023 New York Tax Changes
- NYS extended until 2027: the corporate income rate of 7.25% for over $5m in business income and the capital base tax rate of .1875%.
- PTE changes: corrects the law to match the NYS guidance that the PTE tax is not deducted from taxable income of the PTE entity.
- NYC PTE can include trusts and estates that are shareholders or partners.
- NYS Department of Tax and Finance can now appeal decisions from the NY Tax Appeals Tribunal in consultation with the state attorney general.
- Extensions and enhancements to some NYS tax credits (for farmers, certain liquors, commercial production…)
- MCTD is increased to .6% from .34% effective 7/1/23.
- The exclusion of limited partners for individuals that actively participate will not apply for the mobility tax.
- Expansion of the refundable Empire State child tax credit for children under 4.