New York Adopts Final Regulations for Corporate Tax Overhaul (1)

New York has adopted regulations implementing what it called “the most extensive restructuring of New York State’s corporate tax framework since the 1940s” and finalizing a nearly decade-long process.

The state Department of Taxation and Finance on Wednesday submitted the adopted rules for publication in the State Register, providing details on how to calculate corporate taxes under the tax reform law passed in 2014. The new law established an economic nexus standard, changed the rules for mandatory and permissive combined reporting, and eliminated the separate taxation of subsidiary capital, among other changes.

“It’s really now, game ...