Better Late Than Never? An Overview of Significant Tax Provisions in the 2010-2011 New York Budget Bill

The Bloomberg BNA Tax Management Weekly State Tax Report filters through current state developments and analyzes those critical to multistate tax planning.

New York recently enacted its 2010-11 budget package, which contains a number of tax-related provisions, including changes to the definition of “retail sale,” new requirements for hotel room remarketers, changes to sales tax bad debt provisions for private label credit card lenders, and provisions affecting deemed asset sales by S corporations. In this article, Jeffrey S. Reed, of McDermott Will & Emery LLP, reviews several of the major changes to New York tax law under the legislation and discusses their potential impact on taxpayers.

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