Businesses Monitoring New York Budget Negotiations on GILTI

Stephen Kranz, Alysse McLoughlin, Diann Smith and Kathleen Quinn wrote a March 2018 client alert, cited in this article, analyzing how a planned New York State decoupling from the new federal tax law’s global intangible low-taxed income (GILTI) provisions would mean that any amount included in the federal tax base under the repatriation transition provisions would be excluded from the state taxable income base, even if the amounts were received from a non-unitary subsidiary.