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 adopts final corporate income tax regulations
On December 27, 2023, a Notice of Adoption of final regulations was published in the New York State Register. These regulations are intended to provide guidance on the state’s sweeping corporate tax reform legislation enacted in 2014, with related amendments enacted in 2015 and 2016 (“New York Corporate Tax Reform”). The publication of the Notice of Adoption concluded an eight-year long process of drafting, public comment, and agency response.
In Part 1, this Multistate Tax Alert addresses the effective date of the final regulations, the New York Department of Tax Finance’s position on their retroactive application, and the regulations’ applicability in New York City. In Part 2, this Multistate Tax Alert gives a brief overview of three select regulatory provisions that, based on comments generated during the regulatory drafting process, are of interest to taxpayers.
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.
