New York Corporate Tax Reform

New FAQ page addresses questions about New York corporate tax reform

Comprehensive corporate tax reform for New York State was enacted earlier this year, mostly effective for tax years beginning January 1, 2015. The legislated changes include a new nexus standard, combined reporting system, tax base and income classifications, net operating loss calculation and certain tax credits and incentives.

Although the changes are wide-ranging, many of the issues were not completely clarified by New York’s Department of Taxation and Finance. To begin to address these issues, the Department has released a new FAQ page on their website.

The Department plans to update this page as new issues and concerns arise; questions can also be submitted to the Department online.

If you have any questions about how any of the issues described in the FAQs may affect your business, please contact us.