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Effect of IRS Deadline Extension for 2020 Personal Income Tax Returns on Penalties for NYC Individual Unincorporated Business Tax Filers

Date Published:: 2021-03-25
Description:: 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
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Finance
Report Type:: Other

While Tax Collections Are Stronger Than Expected, Revenue Forecast for 2021 Still Less Than Last Year

Date Published:: 2021-03-02
Description:: 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.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation and Budget and Finance
Report Type:: Reports - Other (Consultant/Staff)

Statistical Profiles of New York City Business Income Taxes

Date Published:: 2021-02-26
Description:: 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).
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Finance
Report Type:: Reports - Annual

Economic Development Tax Expenditure Evaluation: IDA’s Industrial Program

Date Published:: 2021-02-19
Description:: 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
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation
Report Type:: Studies

Annual Report on Tax Expenditures

Date Published:: 2021-02-16
Description:: 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.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Finance
Report Type:: Reports - Annual

Personal Income & NYC Income Tax Liability, 2017 & 2018

Date Published:: 2020-10-21
Description:: 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.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation
Report Type:: Reports - Other (Consultant/Staff)

Mayor's Press Release: MAYOR DE BLASIO ANNOUNCES DELAY OF TAX LIEN SALE UNTIL SEPTEMBER 25, 2020

Date Published:: 2020-09-04
Description:: 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.
Agency:: Mayor's Office (OM)
Subject(s):: Government, Taxation - Real Property, and Taxation
Report Type:: Press Releases

STATISTICAL PROFILE OF THE NEW YORK CITY HOTEL ROOM OCCUPANCY TAX

Date Published:: 2020-09-01
Description:: 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,
Agency:: Finance, Department of (DOF)
Subject(s):: Hotels, Statistics, and Taxation
Report Type:: Reports - Annual

Tax Revenue Forecasting Documentation, Fiscal Years 2020-2024

Date Published:: 2020-07-14
Description:: 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.
Agency:: Management and Budget, Office of (OMB)
Subject(s):: Taxation - Real Property, Budget and Finance, and Taxation
Report Type:: Budget / Finance

Mayor's Press Release: MAYOR DE BLASIO ANNOUNCES POSTPONEMENT OF ANNUAL TAX LIEN SALE UNTIL SEPTEMBER

Date Published:: 2020-07-07
Description:: 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.
Agency:: Mayor's Office (OM)
Subject(s):: Finance, Government, and Taxation
Report Type:: Press Releases

Testimony: Deferring Property Tax Payments for Some Property Owners

Date Published:: 2020-06-10
Description:: IBO's testimony to the New York City Council on a bill that would defer property tax payments for some property owners because of Covid-19.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation and Taxation - Real Property
Report Type:: Other

Notice of Interest Rates on New York City Income and Excise Taxes

Date Published:: 2020-05-13
Description:: 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
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation
Report Type:: Laws / Legislation

Mayor's Press Release: DEPARTMENT OF FINANCE OFFERS PROGRAMS TO HELP PROPERTY OWNERS WITH HARDSHIPS PAY PROPERTY TAXES

Date Published:: 2020-03-24
Description:: 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.
Agency:: Mayor's Office (OM)
Subject(s):: Diseases, Government, and Taxation
Report Type:: Press Releases

Annual Report on Tax Expenditures

Date Published:: 2020-02-01
Description:: 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.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation, Taxation - Exemption from, Taxation - Real Property, and Finance
Report Type:: Reports - Annual

Preliminary Report for the Advisory Commission on Property Tax Reform

Date Published:: 2020-01-31
Description:: Preliminary Report for the New York City Advisory Commission on Property Tax Reform, created January 31, 2020, signed by Chairperson Marc Shaw
Agency:: Mayor's Office (OM)
Subject(s):: Taxation
Report Type:: Reports - Other (Consultant/Staff)

Attribution of Interest Deductions for Taxpayers with IRC §163(j) Limitations

Date Published:: 2019-10-07
Description:: 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)
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Finance
Report Type:: Other

Tax Treatment of Foreign-Derived Intangible Income Deduction, Global Intangible Low-Taxed Income, and Repatriation Amounts Under the Business Corp Tax

Date Published:: 2019-09-04
Description:: 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.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Finance
Report Type:: Other

GILTI, FDII, and IRC § 965 Repatriation Amounts Under the General Corporation Tax, Unincorporated Business Tax, and Banking Corporation Tax

Date Published:: 2019-09-04
Description:: 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.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Finance
Report Type:: Other

Notice of Interest Rates on New York City Income and Excise Taxes

Date Published:: 2019-08-22
Description:: 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
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Finance
Report Type:: Laws / Legislation

Statistical Profile of the New York City Hotel Room Occupancy Tax, Tax Year 2018

Date Published:: 2019-08-22
Description:: 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.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Finance
Report Type:: Reports - Annual

Thousands of NYC Property Owners Challenge Their Tax Assessments Every Year. How Much Do They Save?

Date Published:: 2019-06-19
Description:: 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.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation
Report Type:: Newsletters / Other Serial Publications

Statistical Profiles of New York City Business Income Taxes Year 2015

Date Published:: 2019-05-09
Description:: 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)
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Business
Report Type:: Reports - Annual

Tax Revenue Forecasting Documentation, Fiscal Years 2017-2021

Date Published:: 2019-05-03
Description:: 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.
Agency:: Management and Budget, Office of (OMB)
Subject(s):: Taxation, Budget and Finance, and Taxation - Real Property
Report Type:: Budget / Finance

Annual Report on Tax Expenditures

Date Published:: 2019-02-15
Description:: In compliance with the New York City Charter, Chapter 10, Section 240, please see DOF's Annual Tax Expenditure Report
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Accounting
Report Type:: Reports - Annual

Notice of Interest Rates on New York City Income and Excise Taxes

Date Published:: 2018-11-19
Description:: 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
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation
Report Type:: Other

Growing Unfairness: The Rising Burden of Property Taxes on Low-Income Households

Date Published:: 2018-09-06
Description:: 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.
Agency:: Comptroller (COMP)
Subject(s):: Taxation - Real Property and Taxation
Report Type:: Other

How Has the Mix of Taxes Collected by New York City Changed Over the Years?

Date Published:: 2018-08-23
Description:: 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.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation
Report Type:: Newsletters / Other Serial Publications

Tax Appeals Tribunal 2017/2018 Annual Report

Date Published:: 2018-08-02
Description:: Tax Appeals Tribunal of the City of New York Annual Report July 1, 2017 - June 30, 2018 for non-property income and excise taxes and annual vault charges administered by the City of New York
Agency:: Tax Appeals Tribunal, New York City (TAT)
Subject(s):: Taxation
Report Type:: Reports - Annual

Final Tax Lien Sale Outreach Report 2018

Date Published:: 2018-08-01
Description:: In accordance with Local Law 4 of 2017, please find DOF’s report on Lien Sale outreach for the 2018 Lien Sale.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Taxation - Real Property
Report Type:: Reports - Other (Consultant/Staff)

STATISTICAL PROFILE OF THE NEW YORK CITY HOTEL ROOM OCCUPANCY TAX, Tax Year 2017

Date Published:: 2018-07-18
Description:: 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.
Agency:: Finance, Department of (DOF)
Subject(s):: Hotels, Statistics, and Taxation
Report Type:: Reports - Annual

Finance Memorandum

Date Published:: 2018-06-29
Description:: 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.
Agency:: Finance, Department of (DOF)
Subject(s):: Business, Finance, and Taxation
Report Type:: Laws / Legislation

Audit Report on the New York City Department of Finance's Restraint and Seizure of Payments to City Vendors with Tax Warrants

Date Published:: 2018-06-28
Description:: An audit to determine whether the NYC DOF effectively retrains and seizes payments due to City vendors with outstanding tax warrants.
Agency:: Comptroller (COMP)
Subject(s):: Vendors and Contracts and Taxation
Report Type:: Audit Report

NOTICE OF INTEREST RATES NYC INCOME AND EXCISE TAXES

Date Published:: 2018-05-11
Description:: 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.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation
Report Type:: Directives

Finance Memorandum 18-4 Deemed Repatriation Income under the General Corporation Tax, the Banking Corporation Tax, and the Unincorporated Business Ta

Date Published:: 2018-04-20
Description:: Tax Cuts and Jobs Act (TCJA), requires certain US taxpayers to recognize mandatory deemed repatriation income.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation
Report Type:: Directives

Statistical Profiles of NYC Business Income Taxes (Banking Corp. Tax, General Corp. Tax, and Unincorporated Business Tax) for Tax Year 2014

Date Published:: 2018-04-02
Description:: 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)
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation
Report Type:: Reports - Annual

Annual Report of the New York City Property Tax

Date Published:: 2018-04-01
Description:: 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.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation, Taxation - Real Property, and Real Property
Report Type:: Reports - Annual

Finance Memorandum

Date Published:: 2018-03-29
Description:: 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.
Agency:: Finance, Department of (DOF)
Subject(s):: Finance and Taxation
Report Type:: Press Releases

Tax Revenue Forecasting Documentation, Fiscal Years 2016-2020

Date Published:: 2018-01-26
Description:: 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.
Agency:: Management and Budget, Office of (OMB)
Subject(s):: Taxation, Budget and Finance, and Taxation - Real Property
Report Type:: Reports - Annual

2018 Annual Report on Tax Expenditures

Date Published:: 2017-04-01
Description:: 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.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Accounting
Report Type:: Reports - Annual

2017 Annual Report on Tax Expenditures

Date Published:: 2017-04-01
Description:: In compliance with the New York City Charter, Chapter 10, Section 240, please see DOF's Annual Tax Expenditure Report
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Accounting
Report Type:: Reports - Annual

2017 Annual Report of the New York City Property Tax

Date Published:: 2017-04-01
Description:: 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.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation, Taxation - Real Property, and Real Property
Report Type:: Reports - Annual

2016 Tax Commission Annual Report

Date Published:: 2017-02-28
Description:: Tax Commission 2016 Annual Report. This report contains information about the Tax Commission and its mission, functions, operations and resources, an overview of the agency’s performance, and statistical profiles of its determinations during calendar year 2016.
Agency:: Tax Commission, New York City (TC)
Subject(s):: Taxation
Report Type:: Reports - Annual

Lien Sale Task Force Report 2016

Date Published:: 2016-09-01
Description:: Report on the findings of the Temporary Lien Sale Taskforce (2016), as required by New York City Administrative Code Title 11, Section 356.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation, Taxation - Real Property, and Taxation - Exemption from
Report Type:: Reports - Other (Consultant/Staff)

2009-2016 Annual Reports on Tax Expenditures

Date Published:: 2016-02-01
Description:: In compliance with the New York City Charter, Chapter 10, Section 240, please see DOF's Annual Tax Expenditure Report
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation and Accounting
Report Type:: Reports - Annual

Tax Revenue Forecasting Documentation, Fiscal Years 2014-2018

Date Published:: 2015-11-10
Description:: 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.
Agency:: Management and Budget, Office of (OMB)
Subject(s):: Taxation, Budget and Finance, and Taxation - Real Property
Report Type:: Reports - Annual

Mayor's Press Release: MAYOR DE BLASIO CALLS FOR SWEEPING OVERHAUL OF TAX BENEFITS TO SPUR MORE AFFORDABLE HOUSING

Date Published:: 2015-05-07
Description:: 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.
Agency:: Mayor's Office (OM)
Subject(s):: Taxation, Government, and Housing - Low Income
Report Type:: Press Releases

Mayor's Press Release: MAYOR DE BLASIO SIGNS LEGISLATION TO PROVIDE TAX RELIEF FOR PROPERTY OWNERS IMPACTED BY SANDY

Date Published:: 2015-04-28
Description:: 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.
Agency:: Mayor's Office (OM)
Subject(s):: Taxation, Government, and Laws and legislation
Report Type:: Press Releases

Mayor's Press Release: MAYOR DE BLASIO SIGNS LEGISLATION TO PROVIDE TAX RELIEF FOR PROPERTY OWNERS IMPACTED BY SANDY

Date Published:: 2015-04-28
Description:: 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.
Agency:: Mayor's Office (OM)
Subject(s):: Taxation, Government, and Laws and legislation
Report Type:: Press Releases

Mayor's Press Release: CITY’S EXPANDED TAX CREDIT CAMPAIGN PAYS OFF BIG FOR NEW YORKERS

Date Published:: 2015-04-15
Description:: 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.
Agency:: Mayor's Office (OM)
Subject(s):: Taxation, Government, and Politics and Government
Report Type:: Press Releases

Mayor's Press Release: DE BLASIO ADMINISTRATION LAUNCHES CITY’S LARGEST EARNED INCOME TAX CREDIT CAMPAIGN, INVESTS CITY MONEY IN TAX PREP CENTERS FOR

Date Published:: 2015-01-31
Description:: 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.
Agency:: Mayor's Office (OM)
Subject(s):: Taxation, Government, and Government - Citizen participation
Report Type:: Press Releases

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