New York State Department of Taxation and Finance is moving forward with its proposed corporate income tax regulations to implement major tax reform from 2014-2016, including economic nexus, mandatory unitary combined reporting, and market-based sourcing. The proposed regulations also follow the MTC's revised position on the impact of internet-based activities on P.L. 86-272, and provide special rules on sourcing receipts from hedge funds and private equity firm activities, and digital goods and cryptocurrency transactions.
Comments to the proposed regulations are due by October 1, 2023. Out-of-state businesses with a significant New York market should review the proposed regulations, and consider submitting comments.
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