New York tax overhaul package amended

State and Local Tax
Since being introduced in the legislature in January, New York Governor Andrew Cuomo’s 2014-15 Executive Budget, which significantly reforms the state’s business tax structure, has been subject to a series of amendments. The amendments, so-called 21-day amendments and 30-day amendments, keep intact the most significant tax reforms (repealing the bank franchise tax, establishing economic nexus, and replacing the state’s existing combined reporting provisions). However, the amendments address and amend proposals to revise the state’s net operating loss, and provisions related to foreign corporations, corporate partners, the tax base, manufacturers, as well as other changes. [A8559-A; S6359-A, amended 2/12/14; 2/21/14 (see Budget Amendments)]


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State and Local Tax