Tax Breaks and Incentives: Highlights of the New York State 2023-2024 Budget
On May 3, 2023, New York Governor Kathy Hochul signed A3008/S3008 and A3009/S3009 into law. Among its various tax provisions, legislative highlights include: CORPORATE TAX RATES CREDITS AND INCENTIVES The legislation also extends and expands several credits and incentives, including:
Seller’s Beware: State Income Tax Implications on Gains from Sales of Partnership Interests
The field of state income taxation is constantly evolving and continually riddled with complexity. One particular area pertains to state income taxation of gains arising from sales of interests in partnerships. Sales of interests in partnerships are generally regarded as sales of an intangible asset, the gains from which may typically be sourced to the […]
Unclaimed Property: Self-Audit Notices on the Rise
As states gain access to a wealth of benchmarking data, they can now more accurately identify companies suspected of underreporting or not reporting unclaimed property. This has led to a significant increase in unclaimed property notices being sent out to companies of all sizes ranging from $5M to multiple billion dollars. The states have learned that […]