NYC Corporate Tax Rules to Have ‘Notable’ Differences From State

The New York City Finance Department is giving tax professionals and others two opportunities in May to air criticisms or suggestions about the corporate tax changes it’s drafting for release later this year.

The city process is beginning after the state adopted 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.

The city must now issue its own rules to reflect the changes made on the state level, or ...