New York Tax and Finance Department Announces Updated 2018 Instructions May Require Amended Income Returns

The New York Department of Taxation and Finance Dec. 6 announced that updates to 2018 individual income tax and corporate income tax instructions may impact taxpayers who filed certain 2018 forms. The updated instructions may impact: 1) 2018 Forms CT-3, General Business Corporation Franchise Tax Return, and CT-3-A, General Business Corporation Combined Franchise Tax Return; 2) 2018 Form CT-3-S, New York S Corporation Franchise Tax Return; 3) 2018 Form IT-204, Partnership Return; and 5) 2018 Forms IT-641, Manufacturer’s Real Property Tax Credit, and CT-641, Manufacturer’s Real Property Tax Credit. The department updated the definition of “qualified New York manufacturer” to ...