Throughout the week, we 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. Read the recent alerts below or visit the archive.
New York corporate income tax regulations published December 27, 2023 Final regulations implementing New York’s sweeping corporate income tax reforms, originally enacted in 2014 with related amendments enacted in 2015 and 2016, have now been filed with the New York Secretary of State’s Office. Notice of Adoption of these Regulations was published in the State Register on December 27, 2023. A link to the publication can be found online. The final text of the regulations has been posted on the New York Department of Taxation and Finance website.
[Issued: December 28, 2023] More
Pennsylvania changes treatment of certain grantor trusts On December 14, 2023, Pennsylvania Senate Bill 815 (S.B. 815) was signed into law. The legislation makes changes to the taxation of certain resident and nonresident trusts for Pennsylvania personal income tax purposes. Effective for taxable years beginning on or after January 1, 2025, certain income received by a resident or nonresident trust shall be taxable to the grantor of the trust or another person to the extent the grantor or other person is treated as the owner of the trust for federal income tax purposes.
This Multistate Tax Alert summarizes some of the provisions in S.B. 815. [Issued: December 21, 2023] More
30 Rockefeller Plaza New York, NY 10112-0015 United States
About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 peopleworldwide make an impact that matters at www.deloitte.com.
