Rement Corporation is incorporated under the laws of New Jersey. Rement maintains a sales agent in...
Rement Corporation is incorporated under the laws of New Jersey. Rement maintains a sales agent in New York City, who makes contracts in New York City. Can New York impose an income tax on Rement's profits from its New York sales at the same rate it taxes income from domestic New York corporations?
Homework Answers
No. Rement Corporation will be subject to a Franchisee tax but not income tax. This is because it will be considered as a foreign entity doing business in New York.
The department of taxation and finance NY mentions that
“If your business is incorporated in New York State or does business or participates in certain other activities in New York State, you may have to file an annual New York State corporation tax return to pay franchisee tax under New York tax law.” – NY department of tax and finance website
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Rement Corporation is incorporated under the laws of New Jersey.
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