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The New York State Income Tax Law, which was enacted in the year 1919, is the first of its kind in this state to impose a tax on individual incomes. It follows closely and in many respects is identically the same as the present Federal Income Tax Law, with which investors are generally familiar. In this summary, therefore, it is not the purpose to do more than comment on the general nature of the statute and briefly to discuss the points of similarity and dissimilarity which exist between the two laws. A short explanation of the practical application of the new provisions has been included also. Undoubtedly, before the first collection of the tax on March 15, 1920, many of the difficulties that appear at present will be clarified by the State Comptroller who is charged with the administration of the law or perhaps by amendment passed by the State Legislature which is now in session. We shall be pleased to assist as much as possible anyone interested in the practical interpretation of the Act.
Harris, Forbes & Co.
January Fifteenth Nineteen Hundred and Twenty.
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