New York Governor Andrew Cuomo introduced his 2015-2016 budget and accompanying legislation on January 19, 2015 (the 2015 Budget Bill). If enacted, New York’s tax law will be significantly altered for the second time in two years. The sales tax provisions of the legislation will tax most intercompany transactions and will also accelerate the payment of sales tax on leases. The corporate income tax provisions make many tweaks to the substantial tax reform changes enacted last year. Several of the provisions impact the taxation of telecommunications service providers subject to tax under Article 9. The proposed legislation also contains substantial changes to New York City’s General Corporation Tax that largely conform to the State’s tax reform initiative.
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