New York Adopts "Economic Nexus" Position for Credit Card Banks

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New York State has joined a growing number of states and is asserting the ability to impose tax on banks that have New York State credit card holders or contract with New York merchants, whether or not those banks have any physical presence in New York. Effective for tax years beginning on or after January 1, 2008, the new economic nexus position means that a banking corporation is deemed to be “doing business,” and thus subject to tax in New York, if...

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