New York: Multiple Taxes: Proposed Budget Includes Credits and Other Tax Provisions

New York Gov. Andrew M. Cuomo has released his 2013-2014 executive budget, which contains corporate and personal income, sales and use, property, motor fuels, and other tax provisions but no tax increases. Among other things, the proposed budget would:

• extend the MTA business tax surcharge for five years;
• extend the film production tax credit for five years, enhance the credit, and improve transparency;
• establish the New York Innovation Hot Spots Program;
• extend the high income charitable contribution deduction limitation for three years;
• close the royalty income "loophole";
• extend and enhance the historic commercial properties rehabilitation tax credit;
• establish the Charge NY electric vehicle recharging equipment tax credit;
• establish tax-free sales and the sale of alcoholic beverages at Taste-NY facilities;
• update criteria for refusal and revocation of a sales tax certificate of authority;
• expand the cigarette and tobacco retailer registration clearance process;
• increase the civil penalty for possessing unstamped cigarettes; and
• allow local governments to extend existing sales tax rates without state legislative approval.