The Top 10 New York Tax Highlights of 2016 -

It’s the New Year, and before we begin afresh, we look back at this past year with our list of the Top 10 New York tax highlights of 2016.

1. The New York State Tax Department continues to release draft regulations to implement corporate tax reform. This past year, the Department continued to make available for public comment comprehensive drafts of new regulations relating to the Article 9-A corporate tax reform enactment. It released draft combined reporting regulations (in January 2016), followed by discretionary adjustment regulations (in March 2016) and regulations addressing various aspects of the new customer-based sourcing provisions (in September 2016). In light of the need to have final guidance in place, it is expected that the Department will begin the formal promulgation process for all of its draft corporate tax reform regulations in the upcoming year.