| Income tax highlights for 2007
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| New York City school tax credit increased |
| New York City residents with federal adjusted gross income (minus any IRA distributions)
of $250,000 and less may claim a larger New York City school tax credit. The credit increased to:
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$290 if you are married filing jointly or a qualifying widow(er) |
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$145 for all others. |
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| New child and dependent care credit for New York City residents |
| You may be eligible to claim this refundable credit if you had federal adjusted gross income
of $30,000 or less and paid child care expenses for children under the age of four. You may claim this
credit in addition to the New York State child and dependent care credit. For more information,
see Form IT-216, Claim
for Child and Dependent Care Credit, and IT-216 Instructions. |
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| New volunteer firefighters’ and ambulance workers’ credit |
| Full-year New York State residents who are active volunteer firefighters or volunteer ambulance workers
for the full year may claim the new $200 refundable credit. For additional information,
see Form IT-245, Claim for Volunteer
Firefighters’ and Ambulance Workers’ Credit. |
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| New subtraction from federal adjusted gross income for organ donors |
| You may claim a subtraction of up to $10,000 from federal adjusted gross income if you: |
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were a full-year New York State resident and, while living, donated one or more organs to another person, and |
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have unreimbursed expenses for travel, lodging, and lost wages. |
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| Expanded solar energy system equipment credit |
| Tenant-shareholders in a cooperative housing corporation and condominium owners may now claim this credit. For more information, see Form IT-255, Claim for Solar Energy System Equipment Credit. |
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| New historic homeownership rehabilitation credit |
| If you own and reside in a qualified historic home in New York State, you may be eligible to claim a new credit for 20% of your qualified rehabilitation expenditures. For additional information, see Form IT-237, Claim for Historic Homeownership Rehabilitation Credit and IT-237 Instructions. |
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| New rehabilitation of historic properties credit |
| You may claim this new credit if you can claim a federal credit for the rehabilitation of a certified historic structure located in New York State. The credit is 30% of the federal credit allowed for the same tax year. For additional information, see Form IT-238, Claim for Rehabilitation of Historic Properties Credit and IT-238 Instructions. |
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| New Empire State media commercial production credit |
| A qualified commercial production company or a sole proprietor of a qualified commercial production company may claim a new credit for qualified production costs. For additional information, see Form IT-246, Claim for Empire State Commercial Production Credit
and IT-246 Instructions. |
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| Extension of tax shelter reporting requirements |
| The tax shelter reporting requirements have been extended until July 1, 2009. For additional information see TSB-M-07(6)I, Extension of Tax Shelter Provisions. |
