NYC Aims to Post Draft Corporate Tax Regulations by Year’s End

New York City’s top tax official said Wednesday his agency plans to publish draft regulations for its business corporation tax reform by the end of the year, with the goal of implementing the new rules in early 2025.

The plans follow New York state’s adoption of regulations in December to implement what it has called “the most extensive restructuring of New York State’s corporate tax framework since the 1940s,” providing details on how to calculate corporate taxes under a tax reform law passed in 2014. Now, the city Department of Finance must issue its own rules to reflect the ...