Bill creates new guidelines for nexus in NYC
Heads up to those who do business in New York City: A new bill changes how corporations establish nexus in the Big Apple.
Per SB 9454, effective for tax years beginning on or after Jan. 1, 2022, businesses create nexus and are subject to the NYC business corporation tax if they have at least $1 million in receipts from business activity in the city. This mirrors the current nexus threshold for New York State.
Note that any funds businesses received from state or city COVID-19 relief funds aren’t included in this amount and are excluded from taxable income.
The bill also introduces additional nexus guidelines for any company that issues credit cards or merchant customer contracts to businesses or individuals in New York City.
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