NEW YORK: Income Tax: Bank Corporation MTA Surcharge Return Instructions Modified

Abstract

In TSB-M-07(8)C, Technical Services Bureau, Taxpayer Services Division, New York Department of Taxation and Finance, New York has announced that the instructions for the 2007 Form CT-32-M, Banking Corporation MTA Surcharge Return, will correct an error in interpretation that was reflected on previous years' forms pertaining to the calculation of corporate income tax credits. The Metropolitan Transportation Authority (MTA) surcharge is imposed on corporations that are subject to the franchise tax on banking corporations and are doing business in the Metropolitan Commuter Transportation District.