FY 2017 Annual Report on New York State Tax Expenditures
FY 2017
Annual report on
New York State Tax Expenditures
TABLE OF CONTENTS
I.
Introduction .................................................................................
1
II.
Use of this Report and Data Limitations......................................
3
III. An Illustration of the Impact of Tax Expenditures on Personal
Income Tax Liability ....................................................................
7
IV. Summary of Tax Expenditures .................................................... 11
V.
Recent Legislation that has Affected Tax Expenditures .............. 16
VI. Estimates of Tax Expenditures by Tax
a. Personal Income Tax .............................................................. 21
b. Corporation Franchise Tax...................................................... 47
c. Insurance Tax ......................................................................... 67
d. Corporation Tax ...................................................................... 79
e. Sales and Use Tax.................................................................. 91
f. Petroleum Business Tax ......................................................... 137
g. Real Estate Transfer Tax ........................................................ 153
VII. Cross-Article Tax Expenditures................................................... 161
VIII 2016-17 Executive Budget Tax Expenditure Proposals .............. 199
IX. Glossary...................................................................................... 209
X.
Appendix A ? Pre-Reform Corporation Franchise Tax ................ A-1
Appendix B ? Pre-Reform Bank Tax..................................... B-1
Appendix C ? Federal Exclusions from Income...................... C-1
TABLES
Table 1 Significant Tax Expenditures by Category
12
Table 2 2016 New York State Personal Income Tax Expenditure
Estimates
24
Table 3 2016 New York State Article 9-A Tax Expenditure Estimates
51
Table 4 2016 New York State Insurance Tax Expenditure Estimates
69
Table 5 2016 New York State Corporation and Utilities (Article 9) Tax
Expenditure Estimates
82
Table 6 2016 New York State Sales and Use Tax Expenditure
Estimates
93
Table 7 2016 New York State Petroleum Business Tax Expenditure
Estimates
140
Table 8 2016 New York State Real Estate Transfer Tax Expenditure
Estimates
154
Table 9 2016 Selected Cross-Article Tax Expenditure Estimates
163
Table 10 2016 Executive Budget Tax Expenditure Proposals
199
Table A-1 Pre-Reform Corporate Franchise Tax Expenditure Estimates
A-4
Table B-1 Pre-Reform Bank Tax Expenditure Estimates
B-3
FIGURES
Figure 1 Calculation of New York State Personal Income Tax Liability,
Tax Year 2016
8
INTRODUCTION
The twenty-fifth annual New York State Tax Expenditure Report has been prepared by the Department of Taxation and Finance and the Division of the Budget and is submitted in accordance with the provisions of Section 181 of the Executive Law. The Executive Law defines tax expenditures as "features of the Tax Law that by exemption, exclusion, deduction, allowance, credit, preferential tax rate, deferral, or other statutory device, reduce the amount of taxpayers' liabilities to the State by providing either economic incentives or tax relief to particular classes of persons or entities, to achieve a public purpose."
As required by statute, the Report includes:
An enumeration of the tax expenditures (Section VI) associated with the:
Personal Income Tax (Article 22 of the Tax Law) Corporate Franchise Tax (Article 9-A of the Tax Law)1 Bank Tax (Article 32 of the Tax Law)1 Insurance Tax (Article 33 of the Tax Law) Corporation and Utility Taxes (Article 9 of the Tax Law, excluding the
organization tax imposed under Section 180 of Article 9 of the Tax Law, which the Department of State administers) Sales and Compensating Use Tax (Article 28 of the Tax Law) Petroleum Business Tax (Article 13-A of the Tax Law) Real Estate Transfer Tax (Article 31 of the Tax Law);
The provisions of law authorizing the tax expenditures, their effective dates, and where applicable, the date that such tax expenditures expire or are reduced (Section VI);
Estimates (if reliable data are available) of the costs of the tax expenditures for the current taxable or calendar year and the five preceding years2 (Section VI);
An analysis of tax expenditure proposals included in the Governor's 201617 Executive Budget (Section VIII); and
Cautionary or advisory notes regarding the use of the Report and data limitations (Section II).
1 Pre-reform Article 9-A and Bank Tax data have been moved to Appendices A and B, respectively. 2 Section 181 of the Executive Law provides that any information relating to tax expenditures furnished by the Commissioner of Taxation and Finance be furnished in accordance with the secrecy provisions of the Tax Law.
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