|
|
Article: Recent New York City Taxation Conformity Legislation And Commentary On Recent New York State Tax Legislation.
- Article from:
- Mondaq Business Briefing
- Article date:
- July 31, 2009
- Author:
CopyrightCOPYRIGHT 2009 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Recent legislation conforms New York City tax treatment to New York State tax treatment in several key aspects that will have major impacts on most businesses subject to tax in New York City.
Recent legislation passed by the New York Legislature and signed by the Governor conforms New York City taxation to New York State taxation in a number of key areas. Perhaps most importantly, the legislation phases in a single sales factor formula for the New York City general corporation tax and the unincorporated business tax, and also requires general corporation tax combined reporting if there are "substantial intercorporate transactions" between related corporations. ...