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August 9, 2023

BREAKING TAX NEWS | New York State issues notice of proposed rulemaking that would implement previously enacted franchise tax reform for corporations, banks and insurance companies

Today, the New York State (NYS) Department of Taxation and Finance (Department) issued proposed regulations that will implement comprehensive franchise tax reform for corporations, banks and insurance companies. The reform was enacted in 2014, with subsequent technical and conforming amendments enacted in 2015 and 2016.

The proposed regulations cover a wide range of issues, including nexus, apportionment, computation of tax, combined reporting, protected/unprotected activities under PL 86-272, and qualified NYS manufacturers. The proposed regulations will impact NYS taxpayers in various industries.

Taxpayers may not rely on the regulations until they are final. Interested parties have until October 8, 2023, to submit comments.

A First Impressions Alert and detailed Tax Alerts are forthcoming.

Published by NTD’s Tax Technical Knowledge Services group; Maureen Sanelli, legal editor