A variety of changes to New York State’s Personal Income Tax regulations were part of the 2009-2010 New York State Budget (Chapters 57 and Chapter 59 of the Laws of 2009) enacted April 7, 2009. These changes included certain definitions, rates and other rules, as well as changes to special tax programs.

Section 179 of the IRS Code provides the option for taxpayers to deduct the cost of some property as an expense, rather than capitalizing the asset then depreciating it over several years. Under the American Recovery and Reinvestment Act (ARRA), enacted in February 2009, the Section 179 special (“bonus”) depreciation allowance was extended through 2009 [...]

Within the IRS Code, Section 415 sets limits on benefits and contributions under qualified retirement plans, with annual cost-of-living (COL) increases set by the IRS Commissioner. These adjustments, as per Section 415(d), are made utilizing procedures similar to those used to adjust Social Security benefits under Section 215(i)(2)(A) of the Social Security Act. Limitations on [...]