March 24, 2016 New York State Senate and Assembly revenue bills propose substantive changes and technical corrections to NYS and NYC corporate tax reform On January 13, 2016, New York State (NYS) Governor, Andrew Cuomo, introduced revenue legislation as part of his FY 2016-17 budget (hereinafter, Budget Bill) proposing technical amendments to New York State and New York City corporate tax reform as previously enacted in 2014 and 2015 (A. 8559-D / S. 6359-D; A.3009-B / S.2009-B; and S.4610-A / A. 6721-A, collectively "Tax Reform") as well as other substantive changes to those tax laws. See Tax Alert 2016-149{} discussing the Budget Bill. On March 12, 2016, the NYS Senate and Assembly introduced their own separate versions of revenue legislation (S.6409-B and A9009-B) proposing technical amendments to Tax Reform and other substantive changes to the Budget Bill. Attached is a chart comparing the proposed technical amendments to Tax Reform and other substantive changes among the Budget Bill, the Senate and the Assembly bills, and showing whether a similar amendment was proposed in the New York City Administrative Code. Ultimately, the final budget bill must be approved by the Senate, the Assembly and the Governor. It is expected that a final budget bill will be presented to the Governor for signature on or around March 31, 2016. We will be monitoring Budget Bill developments closely given the potential quarter-end timing for calendar-year taxpayers. ———————————————
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