New York State Budget: Corporate Tax Reform. 16 April 2014
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1 New York State Budget: Corporate Tax Reform 16 April 2014
2 Disclaimer Any US tax advice contained herein was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. These slides are for educational purposes only and are not intended, and should not be relied upon, as tax or accounting advice. Page 2
3 Disclaimer EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Ernst & Young LLP is a clientserving member firm of Ernst & Young Global Limited operating in the US. For more information about our organization, please visit ey.com. This presentation is 2014 Ernst & Young LLP. All rights reserved. No part of this document may be reproduced, transmitted or otherwise distributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP. Any reproduction, transmission or distribution of this form or any of the material herein is prohibited and is in violation of US and international law. Ernst & Young LLP expressly disclaims any liability in connection with use of this presentation or its contents by any third party. Views expressed in this presentation are not necessarily those of Ernst & Young LLP. Page 3
4 Corporate tax reform: Highlights Budget bills (A8559D/S6359D) signed 31 March 2014 Corporate tax reform generally effective 1 January 2015 Repeal of Article 32 (Bank Franchise Tax) and merger into a Modified Article 9-A (Corporate Franchise Tax) Elimination of subsidiary capital and related provisions Reduction in tax rate from 7.1% to 6.5% (effective 1 January 2016) Adoption of an economic nexus standard Customer based sourcing and qualified financial instruments (QFI) 8% election Changes related to pre & post reform net operating losses (NOLs) Combined reporting rules adopt a full water s edge unitary combined filing Financial Services Investment Tax Credit (FS ITC) retained Increase in the Metropolitan Transportation Business Tax (MTA) Surcharge rate and change to determination of business carried on in Metropolitan Commuter Transportation District (MCTD) Page 4
5 Corporate tax reform: Nexus and tax base Who is subject to tax? Economic nexus standard Tax base Taxed on the greater of business income base, business capital base, or fixed dollar minimum Business income is entire net income (ENI) minus investment income and other exempt income Effectively connected income (ECI) is the starting point for alien corporations not deemed domestic Narrower definition of investment income/capital and includes interest expense attribution provisions as well as certain offsets/reductions Special subtraction modifications for thrift institutions and qualifying community banks Capital base is being phased out by 2021 Fixed dollar minimum tax increases Page 5
6 Qualified residential loan subtraction modification ( r modification) Thrift institutions or qualified community banks that maintain a qualified residential loan portfolio are allowed as a deduction in computing ENI the amount, if any, by which: (i) 32% of its ENI determined without regard to this modification exceeds (ii) the amount deducted by the thrift institution or qualified community bank under IRC sections 166 and 585 less any amounts included in federal taxable income as a result of a recovery of a loan. Definition of Thrift Institution a savings bank, a savings and loan association, or other savings institution chartered and supervised as such under federal or state law. Page 6
7 Qualified residential loan subtraction modification ( r modification)(cont.) Definition of Qualified Community Bank to be a qualified community bank, a taxpayer must satisfy the following conditions: (1) it is a bank or trust company organized under or subject to Article 3 of the banking law or a comparable provision under the laws of another state, or a national banking association; AND (2) the average value during the taxable year of the assets of the taxpayer, or the assets of the combined reporting group of the taxpayer, must not exceed $8 billion. Maintenance of a Qualified Residential Loan Portfolio at least 60% of the amount of the total assets at the close of the taxable year or, if elected, on an average during the taxable year, consists of listed assets. Page 7
8 Community bank/small thrift subtraction modification ( s modification) Small thrift institutions or qualified community banks are allowed a deduction in computing ENI equal to the amount computed as follows: (1) multiply the taxpayer s net interest income from loans during the taxable year by a fraction, the numerator of which is the gross interest income during the taxable year from qualifying loans and the denominator of which is the gross interest income during the taxable year from all loans. (2) multiple the amount in (1) by 50% Definition of Small Thrift Institution to be a small thrift institution, a taxpayer must satisfy the following conditions: (1) it is a savings bank, a savings and loan association, or other savings institution chartered and supervised under federal or state law, AND (2) the average value during the taxable year of the assets of the taxpayer, or the assets of the combined reporting group of the taxpayer, must not exceed $8 billion. Page 8
9 Community bank/small thrift subtraction modification ( s modification)(cont.) Definition of Net Interest Income from Loans Gross interest income from loans less net interest expense from loans Net Interest Expense from Loans Multiply gross interest expense by a fraction, the numerator of which is the average total value of loans owned by the thrift institution or community bank during the taxable year and the denominator of which is the average total assets of the thrift institution or community bank during the taxable year Definition of Qualifying Loan a loan that meets the following conditions: (i) The loan is originated by the qualified community bank or small thrift institution or purchased by the qualified community bank or small thrift institution immediately after its origination in connection with a commitment to purchase prior to origination AND (ii) The loan is a small business loan or a residential mortgage loan, the principal amount of which is $5M or less, and either the borrower is located in New York and the loan is not secured by real property, or the loan is secured by real property located in New York Page 9
10 Real estate investment trust (REIT) modification ( t modification) A small thrift institution or qualified community bank that maintained a captive REIT on 1 April 2014 shall utilize a REIT subtraction equal to 160% of the dividends paid deduction allowed to that captive REIT for the taxable year for federal income tax purposes. Captive REIT definition is unchanged The taxpayer cannot utilize the r modification or the s modification in any tax year in which such thrift institution or community bank maintains that captive REIT. Page 10
11 Corporate tax reform: Apportionment and combined reporting Apportionment Single receipts factor using customer sourcing rules Sourcing Rules for financial instruments (QFI and Non-QFI) QFIs taxpayers can use an irrevocable 8% election or a customer sourcing approach MTA Surcharge 3 factor property, payroll and receipts apportionment formula with amendments to the receipts factor Combined Reporting No Substantial Intercorporate Transactions (SIT) Test Stock ownership test and unitary business standard Includes: (1) domestic corporations, (2) alien corporations with ECI or deemed domestic, (3) combinable captive insurance companies and (4) captive REITs and captive regulated investment companies (RICs) Commonly owned group election Page 11
12 Corporate Tax Reform: NOLs New NOL conversion subtraction for pre reform year NOLs A subtraction pool will be created using NOL carryforwards not utilized by the end of the base year (2014) Taxpayers can deduct 1/10 of the pool per year plus any carry forwards from prior years (carryforwards are not limited by the 1/10 rule) Available for use up to tax year beginning 1 January 2036 Election available to deduct not more than 50% of pool in 2015 and 2016 Reduces the tax on business income to the higher of the capital base tax or the fixed dollar minimum tax New NOL deduction (NOLD) for post reform years (beginning on or after 1 January 2015) No federal source year or amount limitation 20 year carryforward and 3 year carryback Maximum allowed is amount that reduces business income tax to the higher of the capital base tax or the fixed dollar minimum tax Page 12
13 Corporate tax reform: other Credits FS ITC, mortgage recording tax and mortgage servicing credits are retained Credits can be claimed on original or amended return Tax Rate 7.1% in 2015 with a reduction to 6.5% starting on 1 January 2016 MTA Surcharge rate increased to 25.6% for 2015, with subsequent year rates subject to change Alternative Taxes Elimination of certain alternative taxes (i.e., Article 9-A minimum taxable income base and Article 32 asset tax) Capital base tax rate 0.15% phased down to 0% in 2021 Changes to the fixed dollar minimum tax amounts Effective Date: Generally 1 January 2015 NYC Non-Conformity Gramm-Leach-Bliley 2 year extension Page 13
14 QUESTIONS Jeffrey Serether Page 14
15 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US Ernst & Young LLP. All Rights Reserved. Page 15
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