Tuesday, June 21, 2011
Monday, June 20, 2011
Symphony Syracuse
Below is a link to the homepage for Symphony Syracuse, a new not-for-profit created to provide a vehicle for continued symphony presentations by the musicians formerly employed by the defunct Syracuse Symphony Orchestra. The success of this endeavor is key to the arts and economic development in Central New York and the support of all in Central New York is needed to ensure its success.
Thursday, June 16, 2011
Wednesday, June 15, 2011
Economic Transformation and Facility Redevelopment Program
As part of the FY2013 New York State budget, the Economic Transformation and Facility Redevelopment Program ("ETFR Program") has been created. The ETFR Program is intended to aid communities affected by the upcoming round of prison and juvenile justice facility closures. This program may provide a useful economic development tool for local communities negatively impacted by facility closures.
The benefits provided to businesses under the ETFR Program are refundable tax credits (including both capital investment, job creation and property tax-relief components) and a refund of certain sales taxes paid on improvements to facilities located at the site of a closed facility or surrounding areas. If used in conjunction with an adaptive reuse plan adopted for the closed facility, these tax credits could be an important incentive to replace jobs lost due to the closures.
The information in this article is divided into the following parts:
Part 1 - Designation of Economic Transformation Areas
Part 2 - Qualification and Certification of Businesses
Part 3 - Tax Credits
Part 4 - Sales Tax Refund
Part 5 - Property Tax Exemption
Monday, June 13, 2011
New York Adds To Requirements for Sales Tax Withholding and Reporting for Prior Violators
In the New York FY2013 budget, changes were made to the Tax Law that added potential new obligations on persons who have failed to (1) collect sales tax, (2) remit collected sales tax, or (3) file timely sales tax returns.
Pursuant to these new provisions, the Department of Taxation and Finance may require collected sales tax to be deposited in a segregated bank account on a weekly basis with the Department authorized to debit such account, and, in the case of quarterly filers, the Department may require monthly sales tax returns to be filed.
Pursuant to these new provisions, the Department of Taxation and Finance may require collected sales tax to be deposited in a segregated bank account on a weekly basis with the Department authorized to debit such account, and, in the case of quarterly filers, the Department may require monthly sales tax returns to be filed.
Friday, June 10, 2011
NYSERDA seeks retail developer for Malta tech park
A new effort at retail development at NYSERDA's STEP in Saratoga.
Wednesday, June 8, 2011
Court rules against Seneca Nation (2011-06-08)
A loss for the Seneca Nation on cigarette taxes.
Tuesday, June 7, 2011
The Barker Decision – A Threat to New York's Tourism Industry and Workforce - UPDATED
In the Matter of the Petition of John J. and Laura Barker (the "Barker Case"), New York Tax Tribunal was presented with a Connecticut resident (a family of five living in New Canaan), Mr. Barker working full-time in New York, Mrs. Barker a homemaker in Connecticut, who happened to own a seldom used, 1,100 sf vacation property on Long Island. The vacation property was used only a few days per year by the Barkers and was not used by Mr. Barker in connection with his employment in New York New York , which, combined with Mr. Barker's full-time employment in New York , is sufficient to establish the Barkers as New York
This decision marks a significant extension of the artifice of New York
By reason of this decision, the many Connecticut, New Jersey and Pennsylvania residents commuting to work in New York will find themselves taxed as New York residents solely by reason of owning or controlling vacation property in New York – even if such property cannot be used as a residence associated with the person's employment. For example, a New Jersey couple, one spouse employed in New York City , the other spouse employed in New Jersey , owning a vacation home in the Finger Lakes or Adirondacks, would be treated as New York
This decision will impact the well-being of New York Adirondacks . The additional tax burden (on top of already excessive real property taxation) will result in owners and buyers departing the market, further depressing an already challenged tourism industry.
A bill has been introduced in the New York Assembly and Senate (A6266 and S3998 - http://assembly.state.ny.us/leg/?default_fld=&bn=A06266&term=2011&Summary=Y&Memo=Y) that would exempt an abode that is more than 50 miles from the taxpayer's place of employment in New York and the taxpayers spends no more than 90 days at the abode during the taxable year. This change is sensible and should be supported by all tourism organizations across the state.
The bill appears to be moving quickly towards passage in the Senate -- it advanced to third reading today, June 7, 2011. It is not clear where it is heading in the Assembly.
The bill appears to be moving quickly towards passage in the Senate -- it advanced to third reading today, June 7, 2011. It is not clear where it is heading in the Assembly.
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