Conforming the unicorporated tax to the general corporation tax.

Communication from the Mayor - “AN ACT to amend the administrative code of the city of New York, in relation to conforming the unincorporated business tax to the general corporation tax with respect to the source of receipts from personal services and the inclusion of rented tangible personal property in the property allocation factor, and making formula allocation the preferred method for taxpayers subject to the unincorporated business tax, and allowing certain existing partnerships to continue to use the books and records allocation method for a seven-year period; makes technical corrections relating thereto; and to repeal certain provisions of such code relating to the unincorporated business pertaining to leveraged buy-out transactions.” A.8434 / S.5568