Governor Cuomo signs the 2015-2016 Budget Bill, which reflects Amendments to the New York State Corporation Tax and sales/use tax and, most notably, significant changes to the New York City Corporate Tax for 2015 to create substantial conformity to the New York State Corporation Tax changes.
Summary
On April 13, 2015, New York Governor Andrew Cuomo (D) signed into law A6721-A/S4610-A and A3009-B/S2009-B (collectively, the “Budget Bill”) which, together, implement the “new” New York City Corporate Tax of 2015 as well as amendments to the New York State Franchise Tax on Business Corporations and the New York State Sales and Compensating Use Taxes. The New York City Corporate Tax of 2015 is effective for taxable years beginning on or after January 1, 2015, and in large part now conforms to the New York State Corporation Tax adopted previously. However, there are some significant differences. The amendments to the New York State Franchise Tax on Business Corporations (generally effective for taxable years beginning on or after January 1, 2015), of which there are many, are largely “corrective” in nature and the amendments to the New York State Sales and Compensating Use Taxes are not nearly as significant as those contained in earlier versions of the bill.
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