N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 8-1.2

Current through Register Vol. 46, No. 45, November 2, 2024

Section 8-1.2 - Imposition of the tax surcharge

(Tax Law, section 209-B)

(a) In addition to the tax imposed by section 209, a tax surcharge is imposed on every surcharge taxpayer for the privilege of exercising its corporate franchise, or of doing business, or of employing capital, or of owning or leasing property in a corporate or organized capacity, or of maintaining an office, or of deriving receipts from activity in the Metropolitan Commuter Transportation District (MCTD).

(b) The tax surcharge is imposed on the surcharge base that is apportioned to the MCTD based on the surcharge taxpayer's business activity carried on within the MCTD.

(c)

(1) To compute the tax surcharge, the surcharge base is multiplied by the MCTD apportionment percentage and the surcharge tax rate. (2) The surcharge tax rate is:

(i) 25.6% for taxable years beginning on or after January 1, 2015, and before January 1, 2016;

(ii) 28% for taxable years beginning on or after January 1, 2016, and before January 1, 2017;

(iii) 28.3% for taxable years beginning on or after January 1, 2017, and before January 1, 2018;

(iv) 28.6% for taxable years beginning on or after January 1, 2018, and before January 1, 2019;

(v) 28.9% for taxable years beginning on or after January 1, 2019, and before January 1, 2020;

(vi) 29.4% for taxable years beginning on or after January 1, 2020, and before January 1, 2021;

(vii) 30% for taxable years beginning on or after January 1, 2021, and before January 1, 2024;

(viii) The tax rate specified in section 209-B(1)(a) for taxable years beginning on or after January 1, 2024.

(d) The tax surcharge will not be allowed as a deduction in the computation of any tax imposed under the Tax Law; and the credits otherwise allowable under article 9-A will not be allowed against the tax surcharge.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 8-1.2

Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023