48 THE QUEENS COURIER • QUEENS BUSINESS • OCTOBER 10, 2019 FOR BREAKING NEWS VISIT WWW.QNS.COM
TAX TIPS
NEW YORK SALES
TAX ECONOMIC
NEXUS UPDATE
BY JOHN SAVIGNANO, CPA
State governments have been rapidly rewriting
their rules to impose economic nexus (as
opposed to physical presence) standards for
sales and use taxes. In the past six months, New
York has been busy updating its own laws.
Interestingly, New York had its own sales tax
economic nexus rule for property delivered in
the state in the immediately preceding four sales
tax quarters would be required to register as a
sales tax vendor.
New York further imposed sales tax economic
nexus requirements upon marketplace
facilitators and remote sellers. Under the
budget, a person is not a marketplace provider if
it lacks physical presence and for the
immediately preceding four quarters can
demonstrate that the cumulative total gross
receipts of sales it made or facilitated in New
York did not exceed $300,000 or that such
person had not made or facilitated more than
100 sales in the state. The marketplace provider
rules became effective June 1. 2019.
On June 23rd New York passed legislation
increasing the threshold from $300,000 to
$500,000 for both remote sellers and
marketplace providers. Accordingly, at least as
of now, both remote sellers and marketplace
providers of tangible personal property have
nexus in New York for sales and use tax
purposes, without a physical presence, if they
have greater than $500,000 in New York sales
and greater than 100 New York transactions.
John Savignano is a partner with Savignano
Accountants & Advisors located at 47-46 Vernon
Blvd., Second Floor, in Long Island City. If you
have any questions or require additional
information, please call John at 718-707-0955.
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