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September 13, 2024
2024-1693

New York City releases revised guidance on potential deviations from state corporate franchise tax regulations, which would impact future BCT regulations

On September 12, 2024, the NYC Department of Finance (Department) issued revised guidance on their Business Corporation Tax (BCT) regulations after announcing earlier this year it was developing regulations to implement the BCT in light of recent state regulations promulgated in December 2023 (see Tax Alert 2024-0907). Like the prior guidance issued by the Department, the revised guidance discusses various intended deviations in the BCT treatment of certain items from the New York State corporate franchise tax regulations. The Department has revised its prior position on several issues, particularly regarding the allocation of flow through income from partnerships and the business address presumption. A Tax Alert is forthcoming.

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Published by NTD’s Tax Technical Knowledge Services group; Chris DeZinno, legal editor

 

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