Tuesday, December 11, 2007

NEW YORK STATE TAX UPDATE

As promised, here is what is new for New York State and New York City income taxes for 2007:
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1. The NYC school tax credit has been increased for part-year and full-year residents with a federal AGI of $250,000 or less. The full-year credit for 2007 is $290.00 for Married Filing Joint or Qualifying Widow(er) and $145.00 for all other filing categories.
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2. There is a new “refundable” credit for the child care expenses for children under age 4 paid by full-year or part-year NYC residents with federal AGI of $30,000 or less. The new credit is in addition to the NY State Child and Dependent Care Credit. The credit is claimed on Form IT-216 Claim for Child and Dependent Care Credit.
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3. There is a new subtraction from federal AGI for full-year NY State residents who, while living, donate an organ to another person for human organ transplantation. The subtraction applies to related unreimbursed expenses, including travel, lodging and lost wages, up to a maximum of $10,000.
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4. A new “refundable” credit of $200.00 is available to full-year NY State residents who are active volunteer firefighters or volunteer ambulance workers for the entire year. The credit is claimed on Form IT-245 Claim for Volunteer Firefighters’ and Ambulance Workers” Credit.
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5. A new credit is available for the qualified production costs paid or incurred by qualified commercial production companies or sole proprietors operating a qualified commercial production company. The credit is claimed on Form IT-246 Claim for Empire State Commercial Production Credit.
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6. The Solar Energy System Equipment Credit has been expanded, and there are new credits for the rehabilitation of certain historic homes and properties.
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Click below to view and/or download the 2007 NYS returns and instructions:
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IT-203 Instructions
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I held off this posting for a day to see if the 2007 NJ-1040 and related forms and schedules would be available on the NJ Division of Taxation website – but no word yet. I will let you know when they do become available.
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BTW, when you get a chance check out the first “Cabaret of Common Sense Advice” over at ANYTHING BUT TAXES.
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TTFN

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