This report examines and measures the impact of rising residential property taxes on New York City households over the 2005 -2016 period, providing a detailed analysis of how property tax increases have affected households at different levels of the income distribution.
New York City’s current property tax system is notoriously opaque, unfair, and regressive. For the past four decades, rather than dealing with its structural flaws, New York State has layered on a patchwork of exemptions and abatements to lower tax rates for various owners.
To help families during COVID, the U.S. government made changes to the Child Tax Credit. Families can get half of the fully refundable credit—worth up to $3,600 per child—as monthly payments in 2021 and the other half as a refund in 2022.
Due to a change to the Child Tax Credit, families can get half of the fully refundable credit—worth up to $3,600 per child—as advance monthly payments in 2021 and the other half as a refund in 2022.
New York City Emergency Management is responsible for the NYC Community Emergency Response Team (CERT) program and distributes this weekly CERT newsletter to all active members so that they stay up-to-date on new opportunities, policies and initiatives that affect their membership.
On March 17, 2021, the IRS extended the April 15, 2021 filing deadline for 2020 Personal Income tax returns to May 17, 2021. Those taxpayers are encouraged to request an extension and pay any tax due by the April 15, 2021deadline
The Hotel Room Occupancy Tax must be paid on the occupancy, or the right of occupancy, of a room or rooms in a hotel. A “hotel” is a building or part of it that is regularly used for the lodging of guests, and includes an apartment hotel, a motel, boardinghouse, bed-and-breakfast, bungalow, or club,
Pursuant to the power vested in the Commissioner of Finance the Admin. Code of the City of New York, notice is hereby given of the interest rates to be set for the period January 1, 2019 through March 31, 2019 for underpayments and, where applicable, overpayments of NYC income and excise taxes
This report presents statistical information for Tax Year 2015 for three New York City business income taxes: the Business Corporation Tax (COR), the General Corporation Tax (GCT), and the Unincorporated Business Tax (UBT)
Overall report on market values by tax class and borough, exemptions, assessed values, home sales, tax delinquency, market values, real property, school tax rates, etc.
Certain City programs are funded by reductions in tax liability and are referred to as “tax expenditures.” This report identifies and describes tax expenditure programs related to taxes administered by the City
and provides tax expenditure estimates based on available data.
Overall report on market values by tax class and borough, exemptions, assessed values, home sales, tax delinquency, market values, real property, school tax rates, etc.
Administrative Code of the City of New York, notice is hereby given of the interest rates for underpayments and, where applicable, overpayments of New York City income and excise taxes
The Hotel Room Occupancy Tax must be paid on the occupancy, or the right of occupancy, of a room or rooms in a hotel. A “hotel” is a building or part of it that is regularly used for the lodging of guests.The occupancy tax year is March 1 to the last day of February of the following year.
This Finance Memorandum generally explains the impact of these federal changes, as well as related changes enacted in the 2018-19 New York State budget, on taxpayers that are subject to the Business Corporation Tax.
This Finance Memorandum contains instructions for reporting GILTI, FDII, and IRC § 965 amounts on New York City General Corporation Tax (“GCT”), Unincorporated Business Tax (“UBT”), and Banking Corporation Tax (“BTX”) 1 returns and attachments.
This memorandum provides modifications to the required methodology for the attribution of interest deductions for taxpayers subject to the Business Corporation Tax (BCT), General Corporation Tax (GCT), Banking Corporation Tax (BTX) or the Unincorporated Business Tax (UBT)
This memorandum provides a procedure for withdrawing the commonly owned group election made on a tax year 2015 or 2016 Form NYC-2A, Combined Business Corporation Tax Return.
This report presents statistical information for tax year 2014 for the three New York City business income taxes: the Banking Corporation Tax (BCT), the General Corporation Tax (GCT), and the Unincorporated Business Tax (UBT)
Pursuant to the power vested in the Commissioner of Finance, notice is hereby given of the interest rates to be set for the period July 1, 2018 through September 30, 2018 for underpayments and, where applicable, overpayments of New York City income and excise taxes.
This Memorandum addresses the recognition of income that a taxpayer has deferred pursuant to section 409A of the Internal Revenue Code of 1986, as amended (the “IRC”), and explains how the taxpayer should report the income for UBT purposes.
Report on the Hotel Room Occupancy Tax that must be paid on the occupancy, or the right of occupancy, of a room/s in a hotel. The occupant of any room or rooms in a hotel must pay the tax. The hotel room occupancy tax year starts on March 1 and ends on the last day of February of the following year.
This report presents statistical information for Tax Year 2017 for three New York City business income taxes: The Business Corporation Tax (COR), the General Corporation Tax (GCT), and the Unincorporated Business Tax (UBT).
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.
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures. Updated june 10 and Taxes per worker appendix
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
This report presents statistical information for Tax Year 2018 for three New York City business income taxes: The Business Corporation Tax (COR), the General Corporation Tax (GCT), and the Unincorporated Business Tax (UBT).
The Hotel Room Occupancy Tax must be paid on the occupancy, or the right of occupancy, of a room or rooms in a hotel. Hotel Room Occupancy Tax is separate from the NYC Sales Tax on hotel room occupancy and is charged in addition to the Sales Tax.
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.
Pursuant to the power vested in the Commissioner of Finance by the
Administrative Code of the City of New York, notice is hereby given of the interest rates to be set
for the period July 1, 2020 through September 30, 2020 for underpayments and, where applicable,
overpayments of NYC income
This report presents statistical information for tax year 1999 for the three New York City business income taxes: the Banking Corporation Tax (BCT), the General Corporation Tax (GCT), and the Unincorporated Business Tax (UBT).
This report presents statistical information for tax year 2002 for the three New York City business income taxes: the Banking Corporation Tax (BCT), the General Corporation Tax (GCT), and the Unincorporated Business Tax (UBT).
This report presents statistical information for tax year 2003 for the three New York City business income taxes: the Banking Corporation Tax (BCT), the General Corporation Tax (GCT), and the Unincorporated Business Tax (UBT).
This report presents statistical information for tax year 2001 for the three New York City business income taxes: the Banking Corporation Tax (BCT), the General Corporation Tax (GCT), and the Unincorporated Business Tax (UBT).
This report presents statistical information on the New York City General Corporation Tax (GCT) and Unincorporated Business Tax (UBT). Data are provided for the tax year 1998, the latest year for which complete information is available.
This report presents statistical information for tax year 2004 for the three New York City business income taxes: the Banking Corporation Tax (BCT), the General Corporation Tax (GCT), and the Unincorporated Business Tax (UBT).
DOF is amending the rules for the SCRIE and DRIE Programs.
These amendments to Chapter 52 were first proposed and published on September 23, 2022. A public hearing was held on October 25, 2022. After receiving and reviewing public comments, DOF has adopted this final rule.
The seventh annual report of the Office of the Taxpayer Advocate (OTA), an office established in 2015 by the Department of Finance (DOF) to assist customers and recommends improvements to the agency’s policies and procedures.
Sixth annual report of the Office of the Taxpayer Advocate (OTA), an office established in 2015 within the Department of Finance (DOF) to assist customers and recommend improvements to the agency’s policies and procedures.
This report highlights OTA’s work from January 1, 2022, through December 31, 2022. Since its establishment, OTA has assisted thousands of taxpayers with questions and contributed to the delivery of excellent customer service.
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 total citywide market value of fully and partially taxable property approached $1.4 trillion, about 7.8 percent higher than in FY 2022. Growth was higher in Class Two (9.1 percent) and Class Four (9.7 percent) compared to Class One (6.6 percent) and Class Three (5.4 percent).
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.
This report provides data on Commercial Rent Tax (CRT) liability at the taxpayer and premises level. The data sources for this report are taxpayers’ CRT tax year 2021 (June 1, 2020 – May 31, 2021) returns and CRT collections data from Department of Finance records.
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.
This report provides data on Commercial Rent Tax (CRT) liability at the taxpayer and premises level.
The data sources for this report are taxpayers’ CRT tax year 2021 (June 1, 2020 – May 31, 2021) returns
and CRT collections data from Department of Finance records.
The Real Property Transfer Tax (RPTT) is imposed on the consideration for the following conveyances or transfers where the consideration exceeds $25,000.
This report provides data on Commercial Rent Tax (CRT) liability at the taxpayer and premises level. The data sources for this report are taxpayers’ CRT tax year 2023 (June 1, 2022 – May 31, 2023) returns and CRT collections data from Department of Finance records.
TESTIMONY: IBO’s Elizabeth Brown presented testimony to the NYC City Council on key findings from her evaluation of the IDA’s Industrial Program. See the PowerPoint slides
New York City collects a mix of taxes that looks much more like those of a state than the typical U.S. city. Today the city relies on personal income taxes, business income taxes, taxes related to real estate transactions.
IBO has looked at assessment appeals brought to the Tax Commission over the years 2013-2017 and summarized the results by number of appeals, property tax reductions, property types, and the borough where the properties are located.
PRELIMINARY BUDGET FOCUS: A new brief focusing on our latest estimates for tax revenues based on our recent economic forecast and the Mayor’s Preliminary Budget and financial plan through 2025.
DATA TABLES: We have updated the fiscal history section of our website with new data on New Yorkers’ income and personal income tax liability. The new data, the latest available, covers tax years 2017 and 2018.
Included in its Preliminary Budget, the Adams Administration proposed 3 tax programs: one to enhance the value of city’s EITC, which increases the value of wages and salaries for low- and moderate-income tax filer; as well as 2 tax breaks to incentivize the development of childcare programs in NYC
To calculate a commercial property’s value for tax purposes, the city uses what is known as a “capitalized income approach.” IBO examines this method, focusing on a key part of the calculation and investigates how overestimation of these rates leads to inequitable property assessments.
New York City By the Numbers: IBO has updated the fiscal history section of our website with new data on New Yorkers’ income and personal income tax liability. The new data, the most recent available, covers the 2019 tax year. See some highlights from our updated tables.
With manufacturing jobs in New York City declining, the New York City Industrial Development Agency, under the Giuliani Administration, created the Industrial Program in 1995. This report looks at the evolution and effectiveness of the program.
In a series of charts and graphs IBO presents some key findings from the data, in particular, how in 2020—the first year of the Covid-19 pandemic—total income reported by full-year New York City residents increased compared with 2019., along with 2020 PIT tables.
High expectations: if it can overcome initial growing pains, the NYC legal cannabis market could bring in $1.2 billion in taxable tales and $47 million in annual revenue for the city
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
The Mayor's Press Office releases information about notable events and actions taken by the Mayor, as well as transcripts of all media conferences, radio shows, and ceremonies that the Mayor attends.
The Mayor's Press Office releases information about notable events and actions taken by the Mayor, as well as transcripts of all media conferences, radio shows, and ceremonies that the Mayor attends.
The Mayor's Press Office releases information about notable events and actions taken by the Mayor, as well as transcripts of all media conferences, radio shows, and ceremonies that the Mayor attends.
The Mayor's Press Office releases information about notable events and actions taken by the Mayor, as well as transcripts of all media conferences, radio shows, and ceremonies that the Mayor attends.
The Mayor's Press Office releases information about notable events and actions taken by the Mayor, as well as transcripts of all media conferences, radio shows, and ceremonies that the Mayor attends.