The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the Budget Bill) containing several significant “technical corrections” to the New York State corporate income tax reform enacted in 2014, along with sales tax provisions and amendments to reform New York City’s General Corporation Tax. 

The New York Legislature has passed  bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the “Budget Bill”) containing several significant “technical corrections” to the New York State corporate income tax reform enacted in 2014, along with sales tax provisions and amendments to reform New York City’s General Corporation Tax. 

On March 31, 2014, Governor Andrew Cuomo signed into law a budget bill containing major corporate tax reform.  That new law resulted in significant changes for many corporate taxpayers, including a complete repeal of Article 32 and changes to the Article 9-A traditional nexus standards, combined reporting provisions, composition of tax bases and computation of

Earlier this year, New York enacted sweeping corporate tax reform that included a number of special benefits for qualified New York manufacturers.  (For a discussion of this corporate tax reform, see our Special Report.)  Unlike most of the corporate tax reform amendments (which are generally effective for tax years beginning on or after