New York Tax and Finance Department Issues Technical Memorandum on MTA Surcharge, Franchise Tax Threshold

The New York Department of Taxation and Finance Dec. 1 issued a technical memorandum on the Metropolitan Transportation Authority (MTA) surcharge rate and deriving receipts thresholds for 2023 for corporate income tax purposes. The MTA surcharge rate is 30 percent for tax years beginning on or after Jan. 1, 2023, and before Jan. 1, 2024. Because the Consumer Price Index hasn’t changed by more than 10 percent, when the thresholds were last adjusted, the thresholds at which a corporation is deemed to be deriving receipts from activity in the MTA district for purposes of imposing franchise tax and the surcharge ...