On March 31, 2014, New York State governor Andrew Cuomo signed into law major corporate tax changes that will affect taxpayers that have operations in New York as well as taxpayers that are doing business in the State. The changes are generally effective for tax years beginning on or after January 1, 2015, unless noted in this tax alert.

This tax alert summarizes each of the major tax law changes:

  • Reduction in tax rates
  • Economic Nexus Provisions
  • Market based sourcing apportionment
  • Combines Reporting
  • Business Credits
  • Corporate Partners
  • Foreign Corporations
  • GHJ’ recommendations