New York Tax and Finance Department Announces Enrollment Deadline for Employer Compensation Expense Tax, Program

The New York Department of Taxation and Finance Nov. 1 announced that the enrollment deadline for the Employer Compensation Expense Program (ECEP) is Dec. 1 for corporate income tax purposes. Employers must enroll by Dec. 1 to pay the optional additional Employer Compensation Expense Tax (ECET) in calendar year 2021. Employers may qualify for the program if they have employees that earn over $40,000 annually in wages and compensation in the state. Employers who opt-in must inform their employees who may be eligible to claim the ECEP wage credit when filing their state individual income tax return. The ECET rate ...