The Sutherland SALT Team will release commentary on the revamped New York State corporate tax system that was reformed as part of the recently enacted Budget Legislation (“Budget”). By way of background, Governor Andrew Cuomo signed into law the tax provisions of the Budget on March 31. The changes will affect nearly every New York State corporate taxpayer and should be considered in preparing financial statements for the first quarter of 2014.

In the coming days, Sutherland will release targeted, concise commentary on each of the most significant aspects of the Budget, including:

• Mandatory Unitary Combined Filing
• Economic Presence Nexus
• Income Tax Base Changes
• Sourcing/Apportionment (market-based approach)
• Net Operating Losses (NOLs) and other Tax Attributes
• Rate Changes
• Capital Base Changes
• Financial and Insurance Industry Impact