New York Proposes Long-Awaited Rules for Corporate Tax Reform

New York tax officials proposed rules to implement the “most extensive restructuring of New York State’s corporate tax framework since the 1940s,” finalizing a nearly decade-long process that has gone through dozens of drafts and extensive public comment.

The proposal gives some “meat” to a law passed in 2015 that, among other things, changed how corporations source their revenue, said Timothy Noonan, a partner with tax law firm Hodgson Russ LLP. The 417-page document, open for a 60-day public comment period, provides some new clarity on how to interpret the new tax policies.

“What’s not been there is—the regulations ...