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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 9448
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I live in NYC, and have a business in NYC. Id like to avoid

This answer was rated:

I live in NYC, and have a business in NYC. Id like to avoid the NYC 3L. If i move my business to nassau county and live in NY do i still pay the nyc 3L? If so is it avoided if business move and I move to nassau as well? Is there any way to avoid this un fair tax? If the business does move to long island and does avoid the NYC 3L, is it completely avoided or does it pay taxes for services conducted in NY

Lane :

Hi, here's the way NY puts it:

Lane :

A corporation (as defined in Section 11-


602.1 of the New York City Administra-


tive Code) doing business, employing


capital, or owning or leasing property in a


corporate or organized capacity, or main-


taining an office in New York City must


file Form NYC-3L if:


1) it maintains a regular place of busi-


ness outside of New York City, or for


taxable years beginning after


6/30/96, it carries on business both


inside and outside New York City;


2) it has subsidiary and/or investment


capital;


3) it claims an optional deduction for


depreciation in accordance with Sec-


tion 11-604.3(d) or (e) of the NYC


Admin. Code;


4) it claims an optional deduction for


expenditures relating to air pollution


control facilities, as provided in Sec-


tion 11-602.8(g) of the NYC Admin.


Code;


5) it claims a modification with respect


to gain arising from the sale of cer-


tain property, as provided in Section


11-602.8(h) of the NYC Admin. Code;


6) it is a real estate investment trust


qualified under Sections 856 and 857


of the Internal Revenue Code;



Lane :

It looks as if the "doing business in NY" piece is what will get you

Lane :

It might be worth calling the(NNN) NNN-NNNNCity-Tax dial, describe your situation (potential situation) and see if they say that qualifies as "doing business in NY"

Customer:

Thank you.

Lane and other Finance Specialists are ready to help you

Thanks much.

Hope that helps

Lane