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1 Joseph Henchman, New York Corporate Tax Overhaul Broadens Bases, Lowers Rates, and Reduces Complexity 1 (2014)

handle is hein.taxfoundation/taxfaaxb0001 and id is 1 raw text is: AOUNDATION New York Corporate Tax Overhaul Broadens Bases, Lowers Rates, and Apr. 2014 Reduces Complexity No. 217 By Joseph Henchman Vice President, Legal & State Projects Key Findings * The four different tax bases for calculating corporate tax are reduced to three as of FY 2015 (eliminating the corporate AMT base) and further reduced to two over time (eliminating the capital stock base). The corporate net income tax rate is reduced from 7.1 percent to 6.5 percent, the lowest level since 1968. The duplicative bank tax system is merged into the better- developed corporate tax system. The estate tax is recoupled over time to the higher federal threshold, exempting many small businesses from hefty taxes upon the death of their owners. The generation-skipping transfer tax is repealed. Net operating losses are restructured to reduce uncertainty for taxpayers, NOL carrybacks are extended to three years, and the $10,000 cap is removed. NOL carryforwards remain twenty years, similar to federal law. The individual add-on Minimum Tax is repealed. If the changes enacted by the bill were in full effect for the most recent version of the State Business Tax Climate Index, New York's corporate tax system would have ranked 4th best of the fifty states instead of 25th best. ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

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