New York Raises Taxes to Cover Plummeting Receipts

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					New York Raises Taxes to Cover Plummeting Receipts
Mark H Levin
The CPA Journal; Aug 2009; 79, 8; Docstoc
pg. 48




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Description: On Apr 7, 2009, Governor David Paterson signed the New York State Budget Act for fiscal year 2009/2010. The act appears to be an attempt to close a large projected multiyear gap by raising taxes and fees. High-income taxpayers will bear the brunt of the personal income tax increases. The 2009/2010 Budget Act has several provisions that will increase taxes for wealthy New York taxpayers. The 2009/2010 Budget Act once again increases the amount of the mandatory first installment required for certain corporations. Previously, all corporations whose current franchise tax liability exceeded $1,000 were required to include with their franchise tax return a mandatory first installment of the next year's tax equal to 25% of the tax liability shown on the current year's return. Effective Jun 1, 2009, the sales and use tax exemption for certain commercial aircraft is repealed.
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