Weekly Round-Up: New York Lawmakers Consider Complete Restructuring of Corporation Franchise, Bank Taxes


New York Gov. Andrew Cuomo (D) has proposed sweeping corporate and bank tax changes during this legislative session.

In this week’s Bloomberg BNA Weekly State Tax Report, 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.

The interview can be read in its entirety here .

In other developments…

Alabama Legislative Update—Rounding the Corner in the Last Lap: An Update on Pending and Recently Enacted Tax Legislation , by Bradley Arant Boult Cummings LLP

Maryland Threatens to Confiscate "House of Cards" Set , by the Tax Foundation

Maryland high court – Nexus attributed to affiliates without economic substance as separate entities, unitary nexus rejected , by PwC

Compiled by Priya D. Nair

Follow us on Twitter at:  @BBNATax
Join BNA's State Tax Group on LinkedIn here .