- New York enacted budget legislation, Ch. 56 and Ch. 59, which includes tax changes related to sales and use tax, credits and incentives, and the metropolitan commuter transportation mobility tax (MCTMT).
- The legislation extends the sunset dates for certain sales tax exemptions, such as those related to financial institutions and vending machines, by one year.
- The legislation also introduces provisions for filing amended sales tax returns, provides a commercial security tax credit for qualified businesses, and clarifies the MCTMT rates for individuals in specific counties. Additionally, a newspaper and broadcast media tax credit is introduced for the 2025-2027 tax years.
Source: grantthornton.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
