New York Finance Department Releases Advisory Opinion on Taxability of Pre-Written Software

The New York Department of Taxation and Finance released an advisory opinion on the taxability of pre-written software. Taxpayer is a financial services firm that provides investment and risk management systems services. The Department determined whether three of the taxpayer’s investment management products are subject to sales tax. The Department concluded that the investment management products qualify as the sale of pre-written software and that the annual fees charged for the products are subject to sales tax. Therefore, the location for determining the appropriate local tax rate and jurisdiction is based on the location associated with the right to use ...