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State 2012 Tax Year Changes
New York 2012 Tax Year Changes
Dependent Exemptions. Information for dependents must now be entered on page 1 item H of Form IT-201.
Itemized Deductions. New Form IT-201-D Resident Itemized Deduction Schedule is used to report your Federal Schedule A deductions and then adjusted for New York taxes.
Foreign Financial Accounts. If you reported on Federal Schedule B that you have a foreign account you must acknowledge this in item D page 1 of Form IT-201.
Metropolitan Commuter Transportation Mobility Tax (MCTMT). The threshold for individuals with net self-employment income has increased to $50,000 before you have to pay this tax. See Form MTA-6.
Penalties and Interest. For your tax return may be entered and paid when you file the return.
STAR Eligibility. Taxpayers who have past-due state and local tax liabilities of $4,500 or more may have their STAR exemptions suspended.
Empire State Film Post-production Credit. See www.nylovesfilm.com for information about changes and amendments made to this credit.
Solar Energy System Equipment Credit. Now includes leased property. See Form IT-255 and instructions “Claim for Solar Energy System Equipment Credit“.
New Jersey 2012 Tax Year Changes
Use Tax. New Worksheet G “Use Tax Calculation” has been added for New Jersey Residents to determine the amount of use tax to pay with their tax return. Use tax is due on internet, mail-order and other out of state purchases.
Deceased Taxpayers. If there is a refund due and the check needs to be issued to the decedent’s surviving spouse/civil union partner or estate, fill in the new box on page 1 at the bottom below your signature. Also enclose a copy of the decedent’s death certificate.
Alternative Business Calculation Adjustment. Schedules NJ-BUS-1 and NJ-BUS-2 are used for this new Income/Loss Adjustment. NJ taxpayers with losses in certain business related categories can now use those losses to calculate an adjustment to their taxable income. You can also carry forward unused losses in each category for 20 years. However a loss in one category of income cannot be applied to income in another category. This new adjustment is being phased in over 5 years, the percentage for 2012 is 10% and will rise to 50% by 2016.
Homestead Benefit Program. Residents who owned a home in NJ as their principal residence on October 1, 2012 may be eligible for a homestead benefit if their property taxes were all paid and they meet certain income limits. The homestead application is not filed with your tax return but information about the 2012 benefit will be posted on www.state.nj.us/treasury/taxation when it becomes available or you can call 888-238-1233. This is for Homeowners only, the tenant rebate has been suspended since 2009.
Property Tax Reimbursement. This program reimburses eligible senior citizens or disabled persons for property tax increases. Eligible residents must file a 2012 Form PTR-1 or PTR-2 by June 3, 2013. The 2012 PTR applications should be mailed out by NJ in late February. It is subject to income limits and all income received during the year, including income not on your tax return, must be taken into account. This includes all combined income of a married/CU couple.
Designated Contributions. Three new funds have been added to which you can contribute on the New Jersey tax return. Boys and Girls Clubs in New Jersey, NJ National Guard State Family Readiness Council and American Red Cross-NJ.
Connecticut 2012 Tax Year Changes
Tax Refund Options. There are generally only two ways to get your refund, by direct deposit into your bank account or by receiving a debit card, joint filers will receive two debit cards. If you don’t elect direct deposit of your refund CT will probably issue a debit card.
Use Tax. Connecticut, like many states, seems to be enforcing the use tax more strenuously now. This tax is due on internet, mail order and other out of state purchases.
E-mail Address. Connecticut now has a line on the tax return to enter your e-mail address, though it isn’t required. If you provide your e-mail CT will use it to notify you of tax changes and programs. However, CT will never use e-mail to ask for sensitive information, such as your social security number or other personal information. When in doubt don’t answer the e-mail and contact CT dept. of revenue directly.
Job Expansion Tax Credit. A taxpayer may be able to claim a credit for each new qualifying employee or veteran employee hired on or after January 1, 2012 and before January 1, 2014. See Schedule CT-IT Credit and instructions. The credit may be claimed by shareholders or partners of a qualified small business, including a single member LLC.
Vocational Rehabilitation Job Creation Credit. This tax credit has expired and isn’t available for 2012.
California 2012 Tax Year Changes
Tax Rate Increase. The maximum personal income tax rate has increased to 12.3%.
Net Operating Loss. Beginning with 2012 California has reinstated the NOL carryover deductions.
Community Development Financial Institutions Investment Credit. This credit has been extended for 2012 through 2016.
Voluntary Contributions. There are four new funds you may contribute to on your tax return. California YMCA Youth and Government, California Youth Leadership, School Supplies for Homeless Children, State Parks Protection/Parks Pass Purchase.
Donated Fresh Fruits or Vegetables Credit. For 2012 through 2016, qualified taxpayers who donate fresh fruits or vegetables to a CA food bank may receive a credit equal to 10% of the donation’s costs. See Form FTB 3811 “Donated Fresh Fruits or Vegetables Credit”.
Qualified Small Business Stock. The CA Court of Appeals has determined that provisions of this are invalid and unenforceable. If you reported a federal qualified small business stock (QSBS) deferral or exclusion on your federal Form 1040, see California CA (540) line 13 and instructions.
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