Welcome to the latest issue of New York Tax Insights. In this issue we cover:
The New York State Department of Taxation and Finance’s release of revisions to its draft business corporate franchise tax regulations for computing the business apportionment fraction under New York State corporate tax reform. The revisions, if promulgated, will impact many businesses, including those in the financial services industry.
A decision of the Appellate Division, Third Department, confirming the New York State Tax Appeals Tribunal holding that an elevator installation company was liable for sales and use tax on the elevator products that it purchased for sale and installation, along with services and maintenance sales related to the elevators (on page 2).
A New York State Tax Appeals Tribunal decision holding that a hotel developer, acting as a designated agent of a New York State industrial development agency, was not entitled to a sales and use tax exemption for purchases it made to construct a hotel at a cost in excess of the amounts it had estimated in its application for IDA tax benefits (on page 4).