Form Tsb-M-06(4)i - Supplemental Summary Of Personal Income Tax Legislative Changes Enacted In 2005 And Expiring Provisions - Office Of Tax Policy Analysis Technical Services Division
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8New York State Department of Taxation and Finance
TSB-M-06(4)I
Office of Tax Policy Analysis
Income Tax
Technical Services Division
April 12, 2006
Supplemental Summary of Personal Income Tax
Legislative Changes Enacted in 2005 and Expiring Provisions
This TSB-M is the summary of personal income tax legislation signed into law in 2005
by Governor Pataki that was not addressed in TSB-M-05(5)I, Summary of Certain Personal
Income Tax Legislative Changes Enacted in 2005. This TSB-M also contains information
relating to Tax Law provisions enacted in prior years that have expired.
The following legislative changes are summarized in this memo:
• Yonkers resident income tax surcharge and nonresident earnings tax;
• Investment tax credit for qualified film production facilities;
• Fuel cell electric generating equipment credit;
• Security officer training tax credit;
• Enhancement of farmers’ school tax credit eligibility;
• Exception to recapture of the empire zone investment tax credit;
• Furnishing of information to the Higher Education Services Corporation;
• Solar energy system equipment credit;
• World Trade Center Memorial Foundation contribution; and
• Expiring provisions.
Yonkers resident income tax surcharge and nonresident earnings tax
The Yonkers resident income tax surcharge and the Yonkers nonresident earnings tax
have been extended through tax years ending on or before December 31, 2007. Under previous
law, these taxes would have expired for tax years beginning after 2005. In addition, effective
January 1, 2005, the Yonkers resident income tax surcharge has been increased from a rate of 5%
to a rate of 10% of the net state tax and the Yonkers nonresident earnings tax has been increased
from a rate of .25% to a rate of .5% of wages and net earnings from self-employment. However,
the new law provides that the underpayment of estimated tax penalty will not be imposed on the
portion of any underpayment for tax year 2005 that is attributable to the increase in the rates.
(Tax Law, sections 1321, 1332, 1340 and 1342; Codes and Ordinances of the City of Yonkers,
15-100, 15-111, 15-116, 15-117)
Investment tax credit for qualified film production facilities
The Tax Law has been amended to allow the investment tax credit to a taxpayer who
acquires property where (a) the property is principally used as a qualified film production
facility, including qualified film production facilities located in an empire zone as designated
pursuant to Article 18-B of the General Municipal Law, and (b) the taxpayer provides three or
more services to any qualified film production company using that facility. These services
include, but are not limited to, the following:
W A Harriman Campus, Albany NY 12227
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