Property Tax Alert: New York

May 2004

The Qualified Empire Zone Enterprise (QEZE) credit for real property taxes is extended to the New York franchise tax on cooperative agricultural corporations. If the amount of the credit exceeds a taxpayer's tax liability for the year, the excess is treated as an overpayment of tax to be credited or refunded. Also, the benefits of empire zones are extended to include agricultural cooperatives.

Please contact Rash & Associates for more information.