The recently enacted budget bill in New York (S. 6359) makes numerous tax law changes, but the most significant of those changes is, without a doubt, the adoption of a bright-line economic nexus standard for its corporate income tax (i.e., Corporate Franchise Tax). Coming in a very close second place finish in terms of significance is New York’s adoption of a “market-based” sourcing rule for service revenue. Both of these rules will take effect in 2015.
The simultaneous enactment of both of these provisions impacts corporations based in New York as well as those that have never even sneezed …read more
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