New York State Department of Taxation & Finance Announces Start of Public Comment Period for Proposed Corporate Tax Regulations
New Regulations will Provide Guidance on 2014 Law that Simplified, Clarified, and Modernized the Corporation Franchise Tax
For Release: Immediate,
For media inquiries only, contact: Ryan Cleveland, 518-457-7377
The New York State Department of Taxation and Finance today announced the start of the public comment period for draft regulations to implement New York State’s 2014 Corporate Tax Reform.
The rules being proposed provide guidance with respect to legislative changes that sought to simplify, clarify, and modernize the corporation franchise tax. The proposed rules implement the sweeping reform of New York State’s corporate tax framework effected by Part A of Chapter 59 of the Laws of 2014, as well as amendments enacted by Part T of Chapter 59 of the Laws of 2015 and Part P of Chapter 60 of the Laws of 2016.
Stakeholders were given the opportunity to submit comments and feedback in the development of these proposed regulations.
The proposed rulemaking was published today in the official State Register. The full text of the proposed regulations, and related rulemaking documents, are available on the Department of Taxation and Finance website at https://www.tax.ny.gov/rulemaker/proposals/corp/2023.htm. The 60-day public comment period will end October 10, 2023.