New York City Makes Major Changes to the Unincorporated Business Tax

Summary

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Governor Pataki recently signed legislation that enacted long-awaited changes to the New York City unincorporated business tax (UBT). These changes go a long way toward conforming the UBT rules to those of the general corporation tax (GCT). The law provided that if the information in a taxpayer's books and records was not sufficient to enable it to allocate its income, the taxpayer could utilize another method that would fairly reflect its income within and out of New York City, usually the three-factor formula utilizing property, receipts, and wages. Starting in tax years beginning on or after Jul 1, 2005, receipts from services will be sourced to the location at which the service is performed.

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Extract

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New York City Makes Major Changes to the Unincorporated Business Tax

Governor Pataki recently signed legislation that enacted long-awaited changes to the New York City unincorporated business tax (UBT). These changes go a long way toward conforming the UBT rules t...

See the full content of this document

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