New York Tax Changes - January 2025
New York Franchise Tax—New York makes no changes to receipts threshold for 2025.
The New York Department of Taxation and Finance has announced that the thresholds at which a corporation and unitary group are deemed to be deriving receipts from activity in New York State and in the Metropolitan Commuter Transportation District (MCTD) for imposing the Article 9-A franchise tax and the MTA surcharge will remain at $1,283,000 for the periods January 1, 2025, through December 31, 2025. The receipts thresholds to be used in determining if members of a unitary group that meet the ownership requirements under Tax Law section 210-C are deriving receipts from activity within New York State and in the MCTD remains at $12,000. (Deriving Receipts for Article 9-A Tax and MTA Surcharge, Dept. of Tax. and Fin., 12/12/2024.)
New York Personal Income Tax—New York makes no changes to receipts threshold for 2025.
The New York Department of Taxation and Finance has announced that the thresholds at which a corporation and unitary group are deemed to be deriving receipts from activity in New York State and in the Metropolitan Commuter Transportation District (MCTD) for imposing the Article 9-A franchise tax and the MTA surcharge will remain at $1,283,000 for the periods January 1, 2025, through December 31, 2025. The receipts thresholds to be used in determining if members of a unitary group that meet the ownership requirements under Tax Law section 210-C are deriving receipts from activity within New York State and in the MCTD remains at $12,000. (Deriving Receipts for Article 9-A Tax and MTA Surcharge, Dept. of Tax. and Fin., 12/12/2024.)
New York Recordation Tax—New York publishes changes to mortgage recording tax rates in Cortland County.
Effective January 1, 2025, the New York State Department of Taxation and Finance announced that Cortland County will impose an additional mortgage recording tax of $0.25 for each $100 secured by the mortgage. As a result, the total mortgage recording tax rate for recording mortgages on real property in Cortland County will be $1.25 for every $100 of the mortgage amount. (Changes to the Mortgage Recording Tax Rates Affecting Cortland County, N.Y. Dept. of Tax. and Fin. 01/07/2025.)
New York Recordation Tax—New York announces changes to mortgage recording tax rates in Otsego County.
Effective January 1, 2025, the New York State Department of Taxation and Finance announced that Otsego County will impose a county mortgage recording tax of $0.25 for each $100 secured by the mortgage. Accordingly, the total mortgage recording tax rate for recording mortgages in Otsego County will be $1 for each $100 of the mortgage amount. (Changes to the Mortgage Recording Tax Rates Affecting Otsego County, N.Y. Dept. of Tax. and Fin., 01/07/2025.)
New York Recordation Tax—New York announces changes to mortgage recording tax rates in Chenango County.
Effective January 1, 2025, the New York State Department of Taxation and Finance announced that Chenango County will impose a county mortgage recording tax of $0.25 for each $100 secured by the mortgage. Consequently, the total recording tax rate for recording mortgages on real property in Chenango County will be $1 for every $100 of the mortgage amount. (Changes to the Mortgage Recording Tax Rates Affecting Chenango County, N.Y. Dept. of Tax. and Fin. 01/07/2025.)