On July 1, 2022, the New York State Department of Taxation and Finance issued the third set of “final draft” regulations relating to the corporation franchise tax reform that took effect for tax years beginning on or after January 1, 2015. The third set of draft regulations relate to apportionment, and contain revisions to the apportionment rules that were last updated in 2019.  The first two sets of “final draft” regulations, which address all rules other than those regarding apportionment, were issued on April 29, 2022.

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