NYC Partnership Tax Is Major Concern in Rules Rewrite Process

New York City’s plan for taxing partnerships is shaping up as the biggest point of contention for tax professionals as officials begin drafting changes to the corporate tax structure.

The city’s vision for taxing corporate partners is “probably the most impactful” of proposed changes, Stanislav Timerman, a Department of Finance attorney, said in a presentation Tuesday. Tax practitioners have previously raised concern with the approach, an issue expected to heat up in the months ahead.

“I definitely think it’s the biggest issue,” Katie Quinn, a partner at Jones Walker LLP in New York, said in an interview. “They have ...