SeeSALT Blog
New York City’s Department of Finance (DOF) has issued the first tranche of proposed regulations under new Chapter 11A of Title 19 of the Rules of the City of New York (Proposed Rules) to implement its 2015 corporate tax reform—moving straight into formal rulemaking, in contrast with State’s multi-stage drafting process that culminated in December 2023. Although the City’s new Business Corporation Tax (BCT), applicable to corporations and banks that are not federal S corporations, largely mirrors the State’s framework, the Proposed Rules purposefully diverge in several places. The DOF has scheduled a virtual public hearing on the Proposed Rules for 11:00 am ET on November 20, 2025, and all written comments are due in advance of the hearing.