Bloomberg BNA has released a new analysis of the recent sweeping changes in New York State’s corporate tax laws.

The company released on Thursday a new Tax Management Portfolio, New York State Corporation Income Taxes After 2014, to provide practitioner guidance and an in-depth analysis of the Empire State’s new corporate income tax laws, coinciding with the 2015 effective date of the state’s comprehensive overhaul of its corporate income tax. 

The new tax laws will bring numerous changes for business taxpayers in the state, including a zero percent tax on income for qualified manufacturers and a repeal of the alternative minimum tax base.  It could also trigger a new income tax filing obligation for certain out-of-state corporations with customers in the state.

The Portfolio was written by state and federal tax specialists at Deloitte Tax LLP, including Valerie Dickerson, Kenneth Jewell, Douglas Tyler, Mary Jo Brady, and Michael Paxton, who analyzed various changes in the New York tax laws, including recently adopted provisions. The authors explain the changes and offer practical examples, scenario analysis for specific types of situations, and aids to help accountants and tax attorneys apply the law.

“Whether you are a tax professional in a New York corporation or an advisor providing guidance to businesses, this Portfolio is the go-to guide for understanding the complexities of New York’s new tax laws,” said George Farrah, executive editor of Bloomberg BNA’s Tax & Accounting division, in a statement.  “We are proud to have worked with Deloitte Tax LLP in this undertaking so that practitioners handling state corporate tax issues can benefit from their deep knowledge and proficiency.”

Among other items, the Portfolio analyzes important changes under New York’s revised income tax system, including economic nexus rules, repeal of the alternative minimum tax and new tax on business income, the zero income tax rate for qualified manufacturers, single sales factor apportionment formula, market-based sourcing rules for sales of digital products and other transactions, net operating loss limitations, full unitary water’s-edge combined reporting rules, and the elimination of its banking corporation tax.

“This Portfolio is aimed at helping tax professionals navigate the corporate tax landscape in New York State, so they can make strategic business decisions that are in compliance with the new tax laws,” said Dickerson, a partner and leader of the Washington National Tax Multistate practice at Deloitte Tax LLP. 

The New York State Portfolio is part of the Premier State Tax Library, which includes in-depth analysis, practice tools, news and commentary and primary sources for all 50 states plus the District of Columbia.

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