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New York City's 2006 Executive Budget, recently passed by the NY State Legislature (S5568/A8434), significantly changes the NYC Unincorporated Business Tax (UBT) rules. Assuming the law is signed by the governor, as expected, law firms working in NYC will need to adjust to changes in three areas:
This legislation aims to modernize the UBT and to obtain greater conformity between the UBT and the NYC General Corporation Tax, both substantively and with respect to the Tax Commissioner's discretionary powers. Ironically, the changed UBT apportionment rule is now out of alignment with the corresponding tax rule for NY State. Whether the latter will be revised remains to be seen. It is also too early to tell how the Commissioner will apply his discretionary authority to determine what is fair for the City.
Following are some details of these UBT changes, some thoughts on how they may affect law firms, and our recommendations for how firms should respond.
Formula Apportionment
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