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New York Lawmakers Pass Tax Exemption for Foreign Income

June 24, 2019, 10:23 PM

New York businesses would be largely exempt from paying state taxes on foreign-sourced income under legislation headed to the desk of Gov. Andrew M. Cuomo.

The Assembly and Senate last week passed an omnibus end of session bill (A.8433/S.6615) that included a measure that would let business taxpayers exclude 95% of global intangible low-taxed income, or GILTI, from their New York returns.

The bill is in response to 2017 federal tax code changes that without state action could cost businesses in the state an estimated $30 million annually, according to the state Department of Taxation and ...