New York State and New York City Corporate Tax Reform

Patrick Duffany, CPA, and Corey Rosenthal, JD, and Peter Rabinowitz, JD, and Arvinder Kaur, CPA

On March 31, 2014, Governor Andrew M. Cuomo signed the largest corporate tax reform bill in New York State history, outlining major changes to the state's corporate franchise tax. Subsequently, as part of the 2015/16 budget bill, the legislature added a number of technical corrections to the original bill and also enacted New York City corporate tax reforms similar to New York State's corporate reforms, adopting some, but not all, of the state's changes.