Form Tsb-M-04(2)i - Supplemental Summary Of Personal Income Tax Legislative Changes Enacted 2004 -New York State Department Of Taxation And Finance
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4New York State Department of Taxation and Finance
TSB-M-04(2)I
Office of Tax Policy Analysis
Income Tax
Technical Services Division
February 25, 2004
Supplemental Summary of Personal Income Tax
Legislative Changes Enacted in 2003
This TSB-M is the summary of personal income tax legislation enacted in 2003 which
was not addressed in TSB-M-04(1)I, Revised Summary of Personal Income Tax Legislative
Changes Enacted in 2003.
The following legislative changes are summarized in this memo:
•
Extension of the city of Yonkers personal income tax surcharge on
residents and nonresident earnings tax;
•
Revisions to the New York State college choice tuition savings program;
•
Taxation of certain resident trusts;
•
Brownfields cleanup credits;
•
Enhancement of farmers school tax eligibility; and
•
Abatement of interest attributable to misappropriated payments.
City of Yonkers personal income tax surcharge on residents and nonresident earnings tax
The Yonkers personal income tax surcharge on residents and the Yonkers nonresident
earnings tax have been extended through taxable years ending on or before December 31, 2005.
The Yonkers resident income tax surcharge is currently at the rate of 5% of the net state tax.
The city of Yonkers nonresident earnings tax, imposed on the wages earned and net earnings
from self-employment of nonresident individuals, estates and trusts, is currently at the rate of
.25%.
(Tax Law, section 1321; Codes and Ordinances of the City of Yonkers, section 15-100)
College choice tuition savings program
The Education Law and the Tax Law have been amended by Chapter 593 of the Laws of
2003 to conform certain New York State College Choice Tuition Savings Program Act
requirements to requirements added to the Internal Revenue Code and to improve the
effectiveness of New York’s College Savings Program (program).
The Education Law was amended to change the definition of the term account owner to
mean a person, rather than an individual, who enters into a tuition savings agreement. The term
person includes not only individuals, but also trusts, estates, partnerships, associations,
companies or corporations.
W A Harriman Campus, Albany NY 12227
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