Tax Committee Update
May 30, 2014

Annual Tax Conference

As a reminder, The Business Council's Annual Conference on State Taxation is June 11 and 12, at the campus of Albany Law School.  Agenda, registration and sponsorship information is available here. This year we will be offering both attorney CLE and CPA continuing education credits (up to 8.5 and 7.5 hours respectively, including 1 hour of legal ethics training). The agenda will feature: a sessions on key compliance and regulatory issues raised by this year's corporate franchise tax reform legislation; sessions on New York State tax audit, litigation and enforcement issues; PIT developments of interest to employers; and an overview of business tax legislation from other states. We urge members to participate and support our Tax Committee's efforts. Early registration discounts end June 4th.   Please feel free to contact me with any questions or comments regarding this event, and I hope to see you in Albany.

Tax Reform Follow-up

A limited technical cleanup bill is being developed addressing the tax reform package included in the FY 2015 state budget. While it has yet to be introduced, our understanding is that this legislation will address mistakes and omissions related to estate tax rates, the financial services' ITC and several other topics. We have also raised concerns regarding the open-ended authority for the Commissioner to set Article 9-A MTA surcharges. However, it is unlikely that this legislation will revisit any substantive change adopted in S.6359-D/A. 8559-D. Please contact me at your earliest convenience if you have specific technical amendments that need to be addressed this session.

Other Tax Legislation

As the 2014 state legislation nears its scheduled conclusion on June 19th, there is relatively little additional tax legislation on the table. The following is an overview of tax legislation that has been the subject of recent legislative action.