N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 1-2.6

Current through Register Vol. 46, No. 36, September 4, 2024

Section 1-2.6 - Foreign corporation - owning or leasing property

Tax Law, section 209(1)

(a) The owning or leasing of real or personal property within New York State constitutes an activity that subjects a foreign corporation to tax. Property owned by or held for the taxpayer in New York State, whether or not used in the taxpayer's business, is sufficient to make the corporation subject to tax. Property held, stored or warehoused in New York State creates taxable status. Property held as a nominee for the benefit of others creates taxable status. Also, consigning property to New York State may create taxable status if the consignor retains title to the consigned property.

(b) Shares in a cooperative housing corporation will be deemed to be real property owned within New York State if the real property owned or leased by such corporation, as described in IRC section 216(b)(1)(B), is located in New York State.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 1-2.6

Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023