New Research Portfolio Covers Sweeping Changes to New York Corporate Income Tax Laws

Bloomberg BNA has released a new Tax Management Portfolio that provides practitioner guidance and in-depth analysis of New York State’s sweeping new corporate income tax laws. The release of New York State Corporation Income Taxes After 2014 coincides with the 2015 effective date of the state’s comprehensive overhaul of its corporate income tax.

The Portfolio was written by leading New York State tax and Washington National Tax specialists at Deloitte Tax LLP, including Valerie Dickerson, Kenneth Jewell, Douglas Tyler, Mary Jo Brady, and Michael Paxton, who provide comprehensive analysis of New York tax law, including the recently adopted provisions. The authors go beyond just explaining the law by offering practical examples, scenario analysis for specific types of situations, and practical aids to help tax attorneys and accountants in applying the law.

“Whether you are a tax professional in a New York corporation or an advisor providing guidance to businesses, this Portfolio is the go-to guide for understanding the complexities of New York’s new tax laws,” said George Farrah, Executive Editor of Bloomberg BNA’s Tax & Accounting division. “We are proud to have worked with Deloitte Tax LLP in this undertaking so that practitioners handling state corporate tax issues can benefit from their deep knowledge and proficiency.”

“This Portfolio is aimed at helping tax professionals navigate the corporate tax landscape in New York State, so they can make strategic business decisions that are in compliance with the new tax laws,” said Valerie Dickerson, partner and leader for the Washington National Tax Multistate practice, Deloitte Tax LLP.

The new tax laws will bring numerous changes for business taxpayers in the state, including a zero percent tax on income for qualified manufacturers and a repeal of the alternative minimum tax base. It could also trigger a new income tax filing obligation for certain out-of-state corporations with customers in the state.

Among other things, the Portfolio thoroughly analyzes the important changes under New York’s revised income tax system, including:

economic nexus rules
repeal of the alternative minimum tax and new tax on business income
the zero income tax rate for qualified manufacturers
single sales factor apportionment formula
market-based sourcing rules for sales of digital products and other transactions
net operating loss limitations
full unitary water’s-edge combined reporting rules
the elimination of its banking corporation tax

The New York State Portfolio is part of the Premier State Tax Library, which includes in-depth analysis, practice tools, news and commentary and primary sources for all 50 states plus the District of Columbia.