Form Nyc-399z - Depreciation Adjustments For Certain Post 9/10/01 Property (Page 4 of 5) in pdf

Form NYC-399Z

Page 4

(SUV) that is NOT a passenger automobile

Qualified New York Liberty Zone property

Form NYC-4S EZ (General Corporation

for purposes of section 280F(d)(5) of the

or Qualified Resurgence Zone property.

Tax) or Form NYC-202S (Unincorporated

Internal Revenue Code is limited to the

See Administrative Code §§ 11-602(8)(k),

Business Tax).

amount that would be allowed under sec-

652(8)(k), 11-602(8)(o) and 652(8)(o).

SPECIFIC INSTRUCTIONS

tion 280F(a)(1) of the Internal Revenue

Therefore, under the GCT and the Business

Code if the vehicle were a passenger auto-

Corporation Tax no bonus depreciation is

mobile as defined in section 280F(d)(5).

permitted.

SCHEDULE A1

For all SUVs subject to these special pro-

visions, the amount allowed as a deduction

For UBT and Bank Tax purposes, with re-

The purpose of this schedule is to compute

is calculated as of the date the SUV was ac-

spect to SUV’s placed into service after

the allowable New York City depreciation

tually placed in service and not as of Sep-

December 31, 2007 and before January 1,

deduction. This form has been designed to

tember 10, 2001.

(The date that is

2020, bonus depreciation is available only

be used with the federal depreciation

applicable to qualified property, other than

for SUVs that are “Qualified Resurgence

schedule, Form 4562 (Rev. March 2002 or

qualified Resurgence Zone property and

Zone property.” (In order to be “Liberty

later). A copy of the federal form must ac-

New York Liberty Zone property, under the

Zone property,” an SUV had to be placed

company this Form NYC-399Z. Taxpay-

general post-9/11/01 decoupling provi-

in service before January 1, 2006.) See Fi-

ers with SUVs subject to the special

sions). On the disposition of an SUV sub-

nance Memorandum 17-1 for more infor-

provisions use Schedule A2 and not Sched-

ject to this limitation, the amount of any

mation.

ule A1. Do not complete Schedule A1 un-

gain or loss included in ENI must be ad-

less you have property other than an SUV

WHO MUST USE THIS FORM

justed to reflect the limited deductions al-

subject to the general post-9/11/01 decou-

lowed for City purposes under this

pling provisions.

provision. See Finance Memorandum 17-

A corporation or unincorporated business

1, “Application of IRC §280F Limits to

that files or is included in a

Column A

Sport Utility Vehicles”.

Enter a brief description of each item of

NYC-3A, NYC-3L or NYC-4S

“qualified property,” other than “qualified

Economic Stimulus Act of 2008 and Sub-

General Business Corporations

Resurgence Zone property,” qualified New

sequent Legislation. As discussed above,

York Liberty Zone property” and “Quali-

the Economic Stimulus Act of 2008

NYC-202, NYC-202EIN or NYC-204

fied New York Liberty Zone Leasehold im-

amended IRC section 168(k) to provide

Unincorporated Businesses

provements,” included in part II or III of

bonus depreciation for certain property ac-

federal Form 4562.

quired in 2008. The Act also amended

NYC-1

§168(k)(2)(F)(i) to increase the first year

Banking Corporations

Column B

depreciation allowed under §280F(a)(1)(A)

For each item of property listed in column

by $8,000 for passenger automobiles to

NYC-2, NYC-2A or NYC-2S

A, indicate the property class type used in

which the 50-percent additional first year

Business Corporations

computing the federal deduction. Use

depreciation deduction applies. The Amer-

“UPM” for property which is depreciated

ican Recovery and Reinvestment Act ex-

must use Form NYC-399Z if:

under the unit of production method pro-

tended the bonus depreciation and the

vided in IRC §168(f)(1).

increased first year depreciation allowed

1) it claims for federal purposes a depre-

under §280(F)(a)(1)(A) to property ac-

ciation deduction for "qualified prop-

Column D

quired in 2009. NOTE: the Small Busi-

erty"

pursuant

the

Economic

The cost or other basis entered in this col-

ness Jobs Act, the 2010 and 2012 Tax

Stimulus Act of 2008, the American

umn must be the same amount used for

Relief Acts and the 2014 Tax Act extended

Recovery and Reinvestment Act, the

federal purposes prior to any reduction for

and expanded the first-year bonus depreci-

Small Business Jobs Act, the 2010 Tax

the special depreciation allowance for

ation as described above. Similarly, the

Relief Act, the 2012 Taxpayer Relief

qualified property.

years in which the first year depreciation

Act or the 2015 PATH Act other than

for

passenger

automobiles

under

“Qualified Resurgence Zone property.”

Column G

§280F(a)(1)(A) is increased by $8,000

Indicate the depreciation method selected

have also been extended. However, the

2) it is not an eligible farmer (for purposes

for the computation of the New York City

Economic Stimulus Act and the subsequent

of the New York State farmers' school

allowable depreciation deduction. Any

federal legislation described above will

tax credit) and it claims for federal

method used to compute depreciation that

only affect the applicable City SUV limits

purposes a depreciation deduction or an

would have been allowed under IRC §167,

with respect to the recovery of costs of

expense deduction in lieu of deprecia-

had the property been acquired on Sep-

Qualified Resurgence Zone property under

tion deduction under section 179 of the

tember 10, 2001, will be acceptable. This

the Unincorporated Business Tax (UBT)

Internal Revenue Code for an SUV

includes such methods as straight-line de-

and the Bank Tax.

that is NOT a passenger automobile for

preciation, declining balance depreciation,

purposes of section 280F(d)(5) of the

sum-of-the-years-digits method or any

Pursuant to the generally applicable de-

Internal Revenue Code (regardless of

other consistent method.

coupling provisions discussed on pages 2

whether the SUV is “qualified prop-

and 3 of this form, bonus depreciation

erty” under IRC §168(k).

Column I

under IRC 168(k) is only available for

Enter depreciation computed by the

NOTE

qualified New York Liberty Zone property

method indicated in column G computed

and Qualified Resurgence Zone property.

Corporations and unincorporated busi-

as IRC §167 would have applied had the

For GCT and the Business Corporation Tax

nesses meeting the criteria set forth in #1

property been acquired on September 10,

purposes, SUVs cannot qualify as either

or #2 above are not permitted to file on

2001. Total of this column will be the

Form Nyc-399z - Depreciation Adjustments For Certain Post 9/10/01 Property Page 4

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