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New York State enacts FY 2014-2015 budget legislation providing extensive tax reform

After several Commission reports and multiple drafts in the New York State legislature, Gov. Andrew Cuomo signed the final FY 2014-2015 New York State budget legislation on March 31, 2014. Among its many reforms, this legislation provides for an extensive revamping of the state’s corporate tax regime, most notably for banking corporations. Generally, the provisions are effective for tax years beginning on or after Jan. 1, 2015, unless noted otherwise.

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