New York’s Corporate Tax Reform Package: A Game Changer for Businesses?

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New York’s corporate tax system has been in place for almost 100 years, but substantial changes could be taking effect soon if the corporate tax reform proposals in Governor Cuomo’s 2014-2015 Executive Budget are enacted.

These changes include:
• An economic nexus standard with a $1 million threshold for annual receipts; 
• Market-based sourcing rules for sales other than sales of tangible personal property; 
• Taxing alien corporations based on effectively connected income; 
• Substantially changing combined reporting rules; 
• Allowing for greater utilization of net operating losses; and 
• Aligning the tax treatment of corporations and banks.

Educational Objectives:
• Discover the efficiencies created by aligning the tax treatment of corporations and banks 
• Identify the qualifications for new economic nexus standards 
• Compare and contrast the current and new tax bases 
• Determine how the new sourcing rules will impact the corporate income tax treatment of certain types of transactions/receipts 
• Analyze New York’s combined reporting regime
• Determine why it is difficult to fully utilize net operating losses under New York’s current tax system and how this will change.



Kendall Houghton is a nationally recognized expert whose practice with Alston & Bird focuses on state and local tax planning, tax controversies and unclaimed property/escheat matters. She previously served as general counsel to the Council On State Taxation (COST), where she filed U.S. Supreme Court briefs in cases impacting state taxation of multistate commerce and led a tax policy initiative addressing taxation of Internet transactions.

Ms. Houghton has represented clients on a multi-jurisdictional basis with respect to significant tax disputes; negotiated favorable settlements with state and local jurisdictions; developed and advocated state tax policy and legislative positions that benefited client interests; and collaborated with clients to design transactional and organizational structures that have optimized direct and indirect tax burdens. 

Ms. Houghton is co-author of Bloomberg BNA’s Multistate Tax Management portfolio entitled “Unclaimed Property.” She is a Georgetown University School of Law instructor and a featured speaker at national state tax conferences and schools hosted by COST, TEI, IPT, and the Unclaimed Property Professionals Organization, Georgetown University School of Law and the New York University School of Law.


Matthew P. Hedstrom is a senior associate based in the New York office of Alston & Bird. He focuses his practice on state and local tax planning and controversy and addresses clients’ multistate tax issues, including state income tax apportionment, tax base, business/nonbusiness income determinations, telecommunications and sales/use tax nexus, sourcing and taxability issues. 

Matthew also advises clients on the state and local tax implications of restructuring, mergers, acquisitions and dispositions, in addition to unclaimed property matters, including multistate compliance, voluntary disclosure, planning, audit defense and legal options. He also has tax controversy experience at the audit, administrative and appeals level in several jurisdictions. 

Matthew has been published on a wide variety of state tax topics in different journals, including State Tax Notes and Journal of Multistate Taxation and Incentives. He regularly speaks on state and local tax matters and has spoken at events hosted by Council On State Taxation (COST), the Tax Executives Institute (TEI), New York University’s Summer Institute in State and Local Taxation and Bloomberg BNA, and the Unclaimed Property Professionals Organization.