New York's Proposed Budget Bill: Lawmakers Consider Complete Restructuring of Corporation Franchise, Bank Taxes

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

New York Gov. Andrew Cuomo (D) has proposed sweeping corporate and bank tax changes during this legislative session. In this interview, Kendall Houghton and Matthew Hedstrom of Alston & Bird LLP and Jeffrey Reed of Mayer Brown offer their insight on the bill, discussing New York's potential move to an economic nexus standard, its potential overhaul of the old combined reporting system and corresponding move to mandatory unitary combined reporting, and the elimination of the bank tax, among other proposals.