The New York Department of Taxation and Finance has adopted amendments to the corporate franchise, bank franchise, and insurance franchise tax regulations to update rules and codify the department?s interpretations regarding combined reports. Among the changes made by the amendments are the following:
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-elimination of discretionary language relating to when a combined report is permitted or required; this has been replaced with rules addressing when a combined report is required or permitted due to the presence or absence of substantial intercorporate transactions among related corporations;
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-addition of language to the capital stock requirement providing that, for purposes of measuring the 80% stock ownership/control requirement, such ownership will be determined based on the total voting power, rather than the total number of shares of stock owned;
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-changes derived from TSB-M-08(2)C, e.g., new language providing a list of activities and transactions that are considered in determining whether substantial intercorporate transactions exist;
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-clarification that corporations organized under the laws of a country other than the U.S. may not be included in a combined report;
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-addition of new ?6-2.7 providing examples that illustrate when a combined report is required or permitted; and
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-deletion of language requiring that all corporations in a combined group use the same accounting period.
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The amendments apply to taxable years beginning on or after January 1, 2013.
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Reg. Parts 3, 6, 21, and 33, New York Department of Taxation and Finance, applicable as noted
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