Governor Andrew Cuomo has signed into law a budget bill containing major corporate tax reform.  This new law results in significant changes for many corporate taxpayers, including a complete repeal of Article 32 and changes to the Article 9-A traditional nexus standards, combined reporting provisions, composition of tax bases and computation of tax, apportionment provisions, net operating loss calculation and certain tax credits.  Most of the provisions discussed in this Special Report will take effect for tax years beginning on or after January 1, 2015.  Corporations should note that this New York State law does not automatically change New York City’s regime, resulting in additional differences between New York State and New York City tax filings.

Read the Special Report here.

For part one, click here.

For part two, click here.

For part three, click here.

For part four, click here.