You may need to increase your 2010 personal income estimated tax if:

• You're a New York City resident. The New York City resident tax rates have increased if your New York City taxable income exceeds $500,000. See, TSB-M-10(7)I, New York City Resident Tax Rates. 
• You itemize your deductions. See, TSB-M-10(8)I, Amendments Affecting New York Itemized Deductions.
  The New York itemized deduction has been revised to:
  • disallow the deduction for state and local general sales taxes to the extent included in federal itemized deductions (under current federal law, the federal sales tax deduction expired for tax years beginning after 2009); and
  • further limit a taxpayer's deduction if your New York adjusted gross income exceeds $10 million.
• You're eligible to claim certain credits. A temporary deferral of certain credits is now required when the total amount of those credits exceeds $2 million.
• You're a nonresident with income related to compensation for past services, or you're a nonresident shareholder of an S corporation. The definition of New York source income of a nonresident individual has been amended to include:
  • termination pay, covenants not to compete, and certain other employment-related compensation for past services. See TSB-M-10(9)I, Income Received by a Nonresident Related to a Business, Trade, Profession, or Occupation Previously Carried on Within New York State; and
  • certain S corporation gains from acquisition, liquidation, and installment sales of assets to the extent that the business was conducted in New York State. See TSB-M-10(10)I, Amendments to the Treatment of Certain S Corporation Income by Nonresident Taxpayers.
• You're eligible to claim the Empire State film production credit. Certain additional participation requirements have been added to the credit, and the credit has been extended through 2014.
• You're eligible to claim the qualified emerging technology company (QETC) or biofuel credits. The credit limitations will now apply at the entity level, and not at the partner or shareholder level.

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Penalty

No penalty will apply to any shortage in your April 15, 2010, and June 15, 2010, estimated tax payments that relate to these changes. However, you must include the April 15, 2010, and June 15, 2010, payment shortfall amounts in your September 15, 2010, payment.

Determine the estimated tax amount that you must pay by completing:

•   Form IT-2105-I, Instructions for Form IT-2105 Estimated Income Tax Payment Voucher for Individuals
•   Form IT-2106-I, Instructions for Form IT-2106, Estimated Income Tax Payment Voucher for Fiduciaries.

For more information

•   See our estimated income tax page 
•   Call our Personal Income Tax Information Center