NY Tax Regime In Need Of Major Overhaul, Report Says

Law360, New York (November 14, 2013, 8:03 PM ET) -- A New York commission on tax reform report released Thursday called on lawmakers to overhaul the state's tax system, saying the current tax regime is unfair to middle- and low-income families and needlessly confusing and burdensome for businesses.

Following a yearlong review, the New York State Tax Reform and Fairness Commission issued a 41-page report recommending “significant changes” to the state's tax structure and administration. Suggested reforms include eliminating several sales tax exemptions, modernizing the state's 25-year-old corporate tax system, increasing the estate tax exemption from...
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