New York - Analysis of corporate tax, banking tax legislative changes 

April 2:  Newly enacted tax legislation in New York—A. 8559-D and S. 6359-D (signed into law on March 31, 2014)—provides an estimated $2 billion of income, estate, and property tax relief to affected residents and businesses.

For corporate taxpayers, the legislation repeals the Article 32 (Banking Franchise Tax) and substantially revises the Article 9-A general corporate franchise tax.

Under the new regime, banks are subject to the revised Article 9-A tax. In general, the corporate tax changes are effective for tax years beginning on or after January 1, 2015.

Read an April 2014 report [PDF 97 KB] prepared by KPMG State and Local Tax practice with details of the new corporate tax reform legislation in New York State.

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