New York: New York City Finance Department Issues Memorandum on Business Corporation Tax Receipts Threshold

The New York City Department of Finance March 15 issued a memorandum on the thresholds at which a corporation is deemed to be deriving receipts from activity under the New York City Business Corporation Tax, for corporate income tax purposes. The thresholds have increased to $1.128 million for tax years beginning on or after Jan. 1. For corporations that are members of a unitary group that meets the ownership requirements, the receipts threshold for determining if such corporations are deriving receipts from activity within New York City has increased to $11,000. Members of the group meeting such threshold must, in ...