Office Of Tax Policy Analysis Taxpayer Guidance Division Instructions
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18New York State Department of Taxation and Finance
TSB-M-08(12)C
Office of Tax Policy Analysis
Corporation Tax
Taxpayer Guidance Division
September 9, 2008
Summary of Corporation Tax Legislative Changes Enacted in 2008
This memorandum contains brief summaries of the corporation tax legislative changes
that are part of the fiscal 2008-2009 New York State budget bill (Chapters 57 and 59 of the Laws
of 2008). The memorandum covers corporation tax changes under Articles 9 (corporation tax),
9-A (franchise tax on business corporations), 13 (tax on unrelated business income), 32
(franchise tax on banking corporations), and 33 (franchise tax on insurance corporations) of the
Tax Law.
The following legislative changes are summarized in this memo:
• Voluntary Disclosure and Compliance program
• Financial institution data-match system for state tax collection purposes
• Voluntary Compliance Initiative
• Extension of tax shelter reporting requirements
• Real estate investment trusts (REITs) and regulated investment companies (RICs)
• Modification for the federal Domestic Production Activities deduction
• Metropolitan Transportation Authority surcharge extender
• Mandatory first installment
• Electronic filing and electronic payment mandate
• Low-income housing credit
• Investment tax credit for the financial services industry
• Power for jobs tax credit
• Capital base tax rate changes
• Fixed dollar minimum tax
• Empire State film production credit
• Credit for taxicabs and livery service vehicles accessible to persons with disabilities
• Clean heating fuel credit
• Empire Zone wage tax credit
• Banking corporations doing business in New York State
Voluntary Disclosure and Compliance program
The Tax Law has been amended to add new Article 36, Compliance and Enforcement
Initiatives. Section 1700 of Article 36 establishes the Voluntary Disclosure and Compliance
program to be administered by the Department of Taxation and Finance.
The Voluntary Disclosure and Compliance program allows eligible taxpayers to
voluntarily disclose and pay certain underreported tax liabilities and interest. By executing a
compliance agreement with the department, taxpayers will avoid tax penalties as well as civil
and administrative actions by the department. In addition, the taxpayer will not be subject to any
criminal tax prosecution in New York State for the disclosed conduct.
W A Harriman Campus, Albany NY 12227
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