Inside New York State Tax Reform: Understanding the impact on manufacturers
State and Local Tax
On March 31, 2014, New York Governor Andrew Cuomo signed into law S.B. 6359-D, A 8559-D, (Chapter 59), enacting significant changes to New York State’s corporate tax regime, most of which take effect for the 2015 tax year. However, the legislation contains important tax benefits specifically applicable to manufacturers, some of which are effective for tax years beginning on or after January 1, 2014. Among these benefits are a 0% business income tax rate and a 20% property tax credit. Based upon the executive budget issued in January, it was anticipated that such benefits would be limited to certain upstate manufacturers; however, the final budget did not contain such limitation.