N.Y. Grapples With Tax Conformity Issues After Federal Tax Law

Overview


Alysse McLoughlin agreed with a New York State Department of Taxation and Finance report’s major concerns over state law conformity with the repatriation transition provisions in the new federal tax bill. She said it’s clear under New York tax law that the entire one-time inclusion of certain accumulated earnings and profits from foreign subsidiaries should be deducted from the apportionable business income tax base as exempt controlled foreign corporation income.