The Department also released combined updates to previously posted draft proposed amendments to New York Article 9-A State Business Corporation Franchise Tax Regulations, Parts 5-10, covering tax credits, reports, payment of tax, assessments, the metropolitan transportation business tax surcharge (MTA surcharge)), as well as new Part 10 (involving special rules for qualified New York manufacturers, corporate partners, New York S corporations, real estate investment trusts (REITS), regulated investment companies (RICs), domestic international sales corporations (DISCs) and real estate mortgage investment conduits (REMICs). Comments on all these updated proposals are due to the Department by June 30, 2022. The Department notes that it intends to begin the formal regulation adoption process this year, and thus it strongly encourages prompt feedback.
See forthcoming Multistate Tax Alert for more details on these proposals, including some related taxpayer considerations, and please contact us with any questions in the meantime.
30 Rockefeller Plaza New York, NY 10112-0015 United States
About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.