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New York City Conforms Business Taxes with New York State
Beginning of article
On July 10, 2009, after five weeks of inactivity in the New York State Senate, the New York State legislature enacted two bills bringing the New York City general corporation tax (GCT) into closer conformity with the New York State franchise tax and making several substantial changes to the New York City unincorporated business tax (UBT). Governor David Paterson signed these bills into law on July 1 1. 2009.
New Fixed-Dollar Minimum Tax
Effective for taxable years beginning after 2008, Chapter 201 of the Laws of 2009 (New York City 2009 Business Tax Act) repeals the old $300 minimum tax and replaces it with a new graduated fixed-dollar minimum tax. The new minimum tax will …
