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New York maintains rate of MTA surcharge
November 2021
In brief
The New York Department of Taxation and Finance on November 19 announced that the rate of New York’s metropolitan transportation business tax surcharge will stay at 30%, effective for tax years beginning on or after January 1, 2022, and before January 1, 2023. [TSB-M-21(2)C, 11/19/21].
The rate will remain at 30% in succeeding years unless otherwise adjusted. New York’s 2014 tax reform legislation authorized the Commissioner of Taxation and Finance to determine the rate of the surcharge so as to meet state financial projections. This marks the first time in years the rate has not increased.
The takeaway
Typically, taxpayers have been subjected to an increased rate, which would be adopted by the Department in the form of a regulation. Nevertheless, taxpayers should periodically visit the Department's website for rulemaking actions to determine whether any changes to the rates are made. These changes may not be as visible to taxpayers as those made during the legislative cycle.
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