Transcription of 2016 NYC-202 Instructions
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2016 NYC-202 Instructions
Instructions for Form NYC-202 . NEW YORK CITY DEPARTMENT OF FINANCE. Unincorporated Business Tax Return 2015. TM. Department of Finance For Individuals and Single-Member LLCs Hi g h l i g h t s of Recent Tax Law Changes for Unincorporated Businesses The biotechnology tax credit providing a tax credit to certain emerging technology companies for cer- tain costs and expenses incurred was extended through 2018. See section 11-503(o) of the Administrative . Code, as amended by Local Law 111 of 2015. Royalty payments -- For tax years beginning on or after January 1, 2013, the Unincorporated Business Tax has been amended to change the treatment of royalty payments to related members. Under prior . law, taxpayers who made royalty payments to related entities were required to add back the amount of the payments to taxable income if those payments were deducted when calculating federal taxable income and if the royalty recipient, under certain conditions, could exclude the royalty income.
The biotechnology tax credit providing a tax credit to certain emerging technology companies for cer-tain costs and expenses incurred was extended through 2018.
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