New York Tax and Finance Department Proposes Regulations on Special Entities’ Business Income Tax Computation

The New York Department of Taxation and Finance May 12 proposed regulations concerning Qualified Manufacturers, Corporate Partners, S Corporations, Real Estate Investment Trusts, Regulated Investment Companies, and Domestic International Sales Corporations for corporate income and trust income tax calculation purposes. The proposal includes measures to provide: 1) certain definitions; and 2) tax computation rules, including methodology for allocation and apportionment of income, tax credit, and deductions. Comments on the proposed regulation are due by Aug. 7. [N.Y. Dep’t of Tax’n & Fin., Proposed N.Y. Comp. Codes R. & Regs. tit. 20, Part 10, 05/12/20]

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