Although New York recently made headlines for upholding the constitutionality of the internet tax, the state was also in the news for enacting its 2013-14 budget legislation, described as a "business-friendly and family-friendly budget." The legislation extends the increased personal income tax rate for the wealthy, as well as the reduction in personal income tax rates for those earning less, according to a new article in the Weekly State Tax Report [WSTR].
The budget contains a number of new tax breaks for businesses, including a reduction in the corporate income tax rate for manufacturers from 3.25 percent to 2.4 percent over three years. The tax cut will lower revenues by $30 million in FY 2014-15, $50 million in FY 2017-18, and $81 million in subsequent years, according to the Assembly Ways and Means Committee budget summary.
Meanwhile, New Mexico made significant changes to the state's tax code. The changes include extending the deadline for filing amended returns, which result from Internal Revenue Service action, from 90 days to within 180 days of a final determination.
In Ohio, Gov. John R. Kasich (R) approved legislation incorporating into Ohio income tax law amendments made by the American Taxpayer Relief Act of 2012 (Pub. L. No. 112-240), the WSTR reports. Most of the incorporated federal provisions are extensions of expiring tax benefits, such as the exclusion for employer-provided educational assistance and the deduction for student loan interest, according to analysis of the legislation.
In addition, the legislation expanded an Ohio commercial activity tax exclusion for gross receipts from sales by suppliers to a qualified distribution center.
For a comprehensive look at these and other state tax developments, check out this week's issue of the Weekly State Tax Report.
New York legislature passes budget bill revising royalty addback, reducing manufacturer tax rate, extending MTA surcharge, and extending personal income rate on highest brackets , a new Insight by PwC.
Sutherland SALT April 2013 edition , by Sutherland.
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