New Taxes in New York State

This Spring, a series of new taxes for certain New York State employers and self0employed individuals was enacted. The Metropolitan Commuter Transportation Mobility Tax is a new tax umposed on those businesses and individuals engaging in business in the downstate counties, including all of New York Cty, Nassau and Suffolk counties, and others in the Westchester area.

The tax applies to employers having a payroll exceeding # 2,500. in any quarter and self-employed individuals having self-employment income tax exceeds $ 10,000. The yax also applies to individuals having self-employment income from entities in which they have an equity interest.

The tax rate is .34% and the initial period of taxation is March 1, 2009 through September 30, 2009, onclusive. The tax is payable no later than November 2, 2009.

If you have any questions, please contact me at nathan@nathaneichnercpa.com.