20 NYCRR § 8-3.2
Election for fair market value
# (a)
On or before the due date for filing its original report (determined with regard to extensions of time for filing) for its first taxable year beginning on or after January 1, 2015, the surcharge taxpayer may make a one-time revocable election to use fair market value (FMV), as defined in section 3-2.3 of this Subchapter, as the value of all its real property and tangible personal property owned. Such election must be made on the surcharge taxpayer’s original report for its first taxable year beginning on or after January 1, 2015, and shall not be made on an amended report.
# (b)
The election under this section:
# (1)
will not apply to any taxable year with respect to a combined report unless the combined group’s designated agent makes, or has made, a valid election pursuant to subdivision (a) of this paragraph and applies such election to all corporations properly included in the combined report;
# (2)
will continue to be in effect until revoked by the surcharge taxpayer or the combined group’s designated agent, if applicable, on a report for a subsequent taxable year, and will be deemed to have been revoked starting with such subsequent taxable year.
# (c)
In no event shall the election under this section or the revocation of the election be for a part of a taxable year.
Source: official source document (DTF adopted rule text, December 2023 corporate reform)
In this part (11 sections)
- 8-1.1 · Definitions
- 8-1.2 · Imposition of the tax surcharge
- 8-1.3 · Applicability of rules on administration of tax
- 8-2.1 · Apportionment of surcharge base to the MCTD
- 8-2.2 · Discretionary adjustment to the MCTD apportionment percentage
- 8-3.1 · Computation of the property factor
- 8-3.2 · Election for fair market value
- 8-3.3 · Real and tangible personal property rented to the surcharge…
- 8-4.1 · Computation of the receipts factor
- 8-5.1 · Computation of the payroll factor
- 8-5.2 · Definition of employee