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 âQualified New York Manufacturerâ (âQNYMâ) and was therefore entitled to a reduced corporation franchise tax rate. As a result of New Yorkâs 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 (âS.B. 4009 / A.B. 3009â),  the Commissioner of the New York State Department of Taxation and Finance (âCommissionerâ) will be given the right to appeal certain types of decisions from the New York State Tax Appeals Tribunal (âTribunalâ). 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 (âConnecticut Digital Advertising Taxâ) proposed by the Connecticut Joint Committee on Finance, Revenue and Bonding (the âFinance Committeeâ). Connecticut joins Maryland, Massachusetts, New York, and Texas, among others, as states with concrete digital advertising tax proposals on the table (and in Marylandâs case, an enacted law).
On April 7, 2021, the New York Legislature passed the New York Budget Bill for fiscal year 2022 (S2509âC/A3009-C) (the âEnacted Budgetâ), ushering in a slew of tax increases for businesses and high-income earners. As of the time of publication of this post, New York Governor Andrew Cuomo had not yet signed the Enacted Budget, but has indicated that he will do so. The Enacted Budget is the result of a months-long negotiation process that…