New York, NY (Vocus/PRWEB) April 12, 2011
Ryan, a leading global tax services firm with the largest indirect tax practice in North America, today announced that effective April 1, 2011, clothing and footwear sold for less than $55 will be exempt from New York’s state sales and use tax (4%) and the state-imposed Metropolitan Commuter Transportation District (MCTD) sales tax (0.375%).
Counties and cities may elect to exempt clothing and footwear sold for less than $110, or exempt these items when sold for less than $55, or not exempt these items from local sales and use tax. New York’s Publication 718-C, Sales and Use Tax Rates on Clothing and Footwear, lists New York cities and counties that impose sales and use tax and the applicable local sales tax rates for sales of clothing and footwear.
The exemption is limited to clothing and footwear for humans (not pets) and includes fabric, thread, yarn, buttons, snaps, hooks, and zippers used to make or repair clothing. The exemption does not include costumes, rentals, and fabric or fasteners made of real or imitation pearls, precious or semi-precious stones, jewels, or metals.
On April 1, 2012, the exemption is scheduled to apply to clothing, footwear, and items used to make or repair clothing sold for less than $110.
Ryan is a leading global tax services firm, with the largest indirect tax practice in North America and the seventh largest corporate tax practice in the United States. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. In 2010, Ryan received the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the award-winning myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan’s multi-disciplinary team of more than 900 professionals and associates serves many of the world’s most prominent Fortune 1000 companies. More information about Ryan can be found at http://www.ryan.com.