The New York City (“City”) Department of Finance (“DOF”) has taken a significant step forward in implementing its corporate tax reform provisions enacted in 2015 by proposing the first installment of its regulations under a new Chapter 11A of Title 19 of the Rules of the City of New York (“Proposed Rules”). These Proposed Rules come nearly two years after the New York State (“State”) Department of Taxation and Finance (“DTF”) adopted its final regulations…
The New York Division of Tax Appeals recently ruled in favor of a taxpayer, E. & J. Gallo Winery, holding that it met the statutory requirements of a “Qualified New York Manufacturer” (“QNYM”) and was therefore entitled to a reduced corporation franchise tax rate. As a result of New York’s corporate tax reform, QNYMs are entitled to a reduced tax rate, including a 0% tax rate on their business income base beginning in 2014, for…
As part of the New York Budget Legislation (“S.B. 4009 / A.B. 3009”),  the Commissioner of the New York State Department of Taxation and Finance (“Commissioner”) will be given the right to appeal certain types of decisions from the New York State Tax Appeals Tribunal (“Tribunal”). Currently, only taxpayers have the right to appeal Tribunal decisions.  This provision is on the cusp of becoming law after clearing both legislative chambers on May 1, 2023. As…
Connecticut legislative leaders recently announced support for a digital advertising tax (“Connecticut Digital Advertising Tax”) proposed by the Connecticut Joint Committee on Finance, Revenue and Bonding (the “Finance Committee”). Connecticut joins Maryland, Massachusetts, New York, and Texas, among others, as states with concrete digital advertising tax proposals on the table (and in Maryland’s case, an enacted law).