New York City furthers its social and economic objectives through a variety of programs. Some programs are funded by direct governmental appropriations while others are funded by reductions in tax liability and are referred to as tax expenditures. This report, mandated by the New York City Charter, identifies and describes tax expenditure programs related to taxes administered by the City and provides tax expenditure estimates based on available data. The City administers approximately 60 real property, business income, and excise tax expenditure programs.
This Statement of Audit Procedure concerns the computation of the business allocation percentage for corporations that are subject to the City's General Corporation Tax and engaged in the business of broadcasting films and television programs. #GCT-2014-01
Billboards and advertising signs are taxable premises under the New York City Commercial Rent Tax. Unless properly reported for CRT purposes, the base rent paid with respect to billboards has
been difficult to discover because taxpayers frequently include the expense in advertising costs if they file NYC returns for the General Corporation Tax.