The New York Legislature has passed bills related to the
2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A,
collectively referred to herein as the "Budget Bill")
containing several significant "technical corrections" to
the New York State corporate income tax reform enacted in 2014,
along with sales tax provisions and amendments to reform New York
City's General Corporation Tax. The Budget Bill's technical
corrections to last year's corporate income tax reform include
changes to the economic nexus, tax base and income classification,
tax rate (including clarifications to rules applicable to certain
taxpayers, such as qualified New York manufacturers),
apportionment, combined reporting, net operating loss and tax
credit provisions. The technical corrections are effective on the
same date as last year's corporate income tax reform, which was
generally effective for tax years beginning on or after January 1,
2015.
