N.Y. Considering Business Tax Workaround to Federal Deduction Cap

Overview


Peter Faber said that several provisions in the New York Department of Taxation and Finance’s proposal to create a 5 percent unincorporated business tax (UBT) on partnerships need clarification. The business community has concerns that the UBT could be increased and used in the future as a new revenue source for the state, Mr. Faber said.