Perspectives

New York Legislature passes bills amending state tax law

Multistate tax alert | April 3, 2015

​This tax alert summarizes the more significant New York State tax law changes included in the legislation.

New York State Budget Bills

On April 1, 2015, the New York State Legislature delivered to New York’s Governor Andrew Cuomo for signature S2009B/A3009B and S2006B/A3006B, referred to generally as “Budget Bills” forming part of the 2015-16 State Budget.1 This legislation would make technical corrections and other revisions to the New York State tax reform provisions enacted in 2014, and would make changes to certain sales and use tax provisions and other tax laws.2

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 (i.e., the date by which both the State Senate and Assembly had passed the bills3), 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 New York State tax law changes included in the legislation.4

1 See http://open.nysenate.gov/legislation/bill/A3009B-2015, regarding delivery of S2009B/A3009B to the Governor on April 1, 2015; and http://open.nysenate.gov/legislation/bill/S2006B-2015, regarding delivery of S2006B/A3006B to the Governor on April 1, 2015.

2 For more on the 2014 New York State tax reforms, see our Tax Alert dated April 1, 2014.

3 See http://open.nysenate.gov/legislation/bill/A3009B-2015, which shows that S2009B/A3009B was passed by both the Senate and Assembly on March 30, 2015; and http://open.nysenate.gov/legislation/bill/S2006B-2015, which shows that S2006B/A3006B was passed by both the Senate and Assembly on March 31, 2015.

4 Note that on April 1, 2015, the New York State Legislature also delivered to New York’s Governor Andrew Cuomo for signature separate legislation (S461A/A6721A) that, once enactment is confirmed, would adopt broad-based tax reform (generally consistent with the New York State tax reform provisions enacted in 2014) of the New York City corporate tax regime. 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. We do not address the New York City corporate tax law changes in this Tax Alert but, instead, do so in separate Tax Alert issued on April 3, 2015.

Download to read more about the changes included in the New York State Budget Bills.

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.

View the list of archived Multistate Tax alerts.

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