The Department of Taxation and Finance has placed on its web site an important special section devoted to developments under the recently enacted corporate tax reform legislation, which goes into effect for tax years beginning after 2014.  http://www.tax.ny.gov/bus/ct/corp_tax_reform.htm. The Corporate Tax Reform link contains an FAQ section in which certain issues will be addressed. As of this writing, there are FAQs involving such diverse topics as whether business capital includes capital that generates other exempt income (it does), how the mandatory first installment for the first quarter in 2015 will be calculated (it will continue to be based on the same rules that are in effect for 2014 returns), and how the prior NOL conversion subtraction is determined for qualified New York manufacturers which, beginning in 2014, are subject to a zero tax rate on entire net income (the prior NOL conversion subtraction for those manufacturers is zero).

The web site also allows businesses and practitioners to submit questions electronically to the Department’s Corporate Tax Reform Working Group. The questions will be reviewed and any answer provided will be published in the Corporate Tax Reform FAQs Web page.