New York Legislature Passes Amendments to New York City Tax Law | Deloitte US has been added to your bookmarks.
New York Legislature passes amendments to New York City tax law
Multistate tax alert | April 3, 2015
This tax alert summarizes significant reforms to New York City’s corporate tax structure, which generally would be effective retroactive to tax years beginning on or after January 1, 2015.
- Reform of the New York City corporate tax regime
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Reform of the New York City corporate tax regime
On April 1, 2015, the New York State Legislature delivered S4610A/A6721A to New York’s Governor Andrew Cuomo for signature. This legislation introduces broad-based tax reform of the New York City corporate tax regime that is generally consistent with the New York State tax reform provisions effective for tax years beginning on or after January 1, 2015.1
At the time of issuance of this Tax Alert, the official legislative record has not confirmed the enactment date, which could conceivably relate back to March 31, 2015,2 but is in question due, in part, to the later date of delivery to the Governor. As such, we are still evaluating whether this should be treated as a first or second quarter event for financial statement purposes for calendar year taxpayers.
In this Tax Alert we summarize the more significant reforms to New York City’s corporate tax structure, which generally would be effective retroactive to tax years beginning on or after January 1, 2015.3
1 See http://open.nysenate.gov/legislation/bill/S4610A-2015, regarding passage of S4610A/A6721A on March 31, 2015, by both the Senate and the House and delivery to the Governor on April 1, 2015. For more on the 2014 New York State tax reforms, see our Tax Alert dated April 1, 2014.
2 There is conflicting information on when the legislation passed the Assembly. While the Assembly website reports that the bill passed both the Senate and Assembly on March 31, it also shows the Assembly vote occurring on April 1. See, http://assembly.state.ny.us/leg/?default_fld=%0D%0A&bn=S04610&term=2015&Summary=Y&Actions=Y&Votes=Y.
3 Also, significant technical corrections and revisions to New York State Tax Law were sent to the Governor on April 1 in S2009B/A3009B and S2006B/A3006B.See our separate Tax Alert issued on April 3, 2015, for discussion of these provisions.
Multistate Tax alert archive
The Multistate Tax Alert Archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last three years. These external alerts highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons.