New York Governor Signs Foreign Income Tax Exemption

June 25, 2019, 6:53 PM

New York Gov. Andrew M. Cuomo has signed into law legislation that raises the sales threshold for remote vendors and largely exempts businesses from paying state taxes on foreign-sourced income.

Both measures were included in an omnibus end-of-session bill (A. 8433/S. 6615) passed by the state Assembly and Senate last week. Cuomo signed the measures June 24.

One section of the law allows businesses to exclude 95% of global intangible low-taxed income, or GILTI, from their New York returns. Another section raises the sales threshold for remote marketplace vendors to $500,000. It came in response to the Supreme Court’s ...

To read the full article log in. To learn more about a subscription click here.