New York Tax and Finance Department Issues Income, Excise Tax Information on Deriving Receipts Thresholds

The New York Department of Taxation and Finance Dec. 29, 2023 issued information on deriving receipts thresholds for corporations, for corporate income and excise tax purposes. The department annually reviews thresholds at which corporations are considered to be deriving receipts from activity in the state and the Metropolitan Commuter Transportation District (MCTD) for purposes of charging the Article 9-A franchise tax and the Metropolitan Transportation Authority (MTA) surcharge. The information includes that: 1) the threshold is $1.28 million for tax years starting on or after Jan. 1, 2024, and before Jan. 1, 2025; and 2) when unitary groups are evaluating ...