| • |
Tax rates |
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Certain rates within the New York State
and city of New York tax rate schedules have been reduced. See
New York State and New York City Tax Tables. |
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Gift for Prostate Cancer Research,
Detection, and Education Fund |
|
There is a new entry on line 57 of Form IT-201 where you can contribute to
the Prostate Cancer Research, Detection, and Education Fund (Prostate Cancer
Research Fund). The Prostate Cancer Research Fund will be used only for
prostate cancer research, detection, and educational projects. |
| • |
Income received as a beneficiary |
|
If as a beneficiary you included a taxable amount of an IRA distribution
or of a pension and annuity in your federal adjusted gross income, you must
mark the box on Form IT-201, line 9 and/or line 10. |
| • |
College
tuition credit or itemized deduction increased |
|
| – |
The deduction is now allowed for 100% of tuition payments made
during the tax year. However, the deduction is limited to $10,000
per student. |
| – |
The credit amount is (1) 4% of the deduction amount, if the
tuition expense is $5,000 or more; or (2) the lesser of $200 or 100%
of the deduction amount, if the tuition expense is less than $5,000. |
|
| • |
City of New York earned income credit |
| |
A new city of New York earned income credit is available to New York City
full-year and part-year residents. You can claim this credit if you were
allowed an earned income credit on your federal income tax return. This
credit is in addition to the New York State earned income credit. For
additional information, see Form
IT-215, Claim for Earned Income Credit. |
| • |
Long-term care insurance credit
increased |
| |
The long-term care insurance credit has
been increased from 10% to 20% of the premiums paid during the tax year for
the purchase of a qualified long-term care insurance policy. For more
information, see Form IT-249,
Claim for Long-Term Care Insurance Credit. |
| • |
Empire State film production credit |
| |
The Empire State film production credit is a new New York State credit that
is available for qualified film production costs. For additional
information, see Form IT-248,
Claim for Empire State Film Production Credit. |
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Alternative fuels credit |
| |
The alternative fuels credit has been extended to qualified property placed
in service on or before December 31, 2004. Under prior law, the credit
expired for property placed in service after December 31, 2003. The credit
applies to electric vehicles, qualified hybrid vehicles, clean-fuel vehicle
property, and clean-fuel vehicle refueling property. For more information,
see Form IT-253, Alternative Fuels
Credit. |
| • |
New provisions for members of the New
York organized militia and the military |
|
| – |
New subtraction for income received by members of the New York
organized militia
If you are a member of the New York organized militia and you
included in your federal adjusted gross income any income you
received for performing active service within New York State
pursuant to active duty orders issued by the governor of New York,
you may subtract that income when computing your New York adjusted
gross income. Members of the New York organized militia include the
New York Army National Guard, the New York Air National Guard, the
New York Naval Militia, and the New York Guard. |
| – |
Combat zone relief provisions expanded to include contingency
operations
The combat zone relief provisions, including the extension of time
to file your personal income tax return, have been expanded to
include members of the armed forces deployed outside the United
States while participating in a contingency operation. For more
information regarding the extension of time to file and other tax
relief provisions for military personnel, see
Publication 361,
New York State Income Tax Information for Military Personnel and
Veterans. |
|
| • |
Your refund can be applied to a city
of New York tax warrant judgment debt |
| |
Due to a recent law change, your refund can be reduced by amounts owed for a
city of New York tax warrant judgment debt. |
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New location for your peel-off label |
| |
We have redesigned the inside front cover of the income tax packet to
conceal your pre-printed peel-off label. |
| • |
Report your unpaid state and local
sales and use taxes on your personal income tax return |
| |
Individual taxpayers may report the amount of New York State and local sales
and use taxes that they owe, if any, on their personal income tax return.
For more information see Information on paying sales
and use taxes on your income tax return. |
| • |
Forms redesign |
| |
As the 2004 forms go to print, the Tax Department is planning a major
redesign of many personal income tax forms for 2005. The forms you use next
year may look different from the forms you currently use and, in some cases,
may carry a completely new form number. Additional details will be announced
by the department as they become available. |
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