Bill > S07323

This bill, known as the Multinational Earnings and Global Accountability (MEGA) Corporations Act, aims to close tax loopholes for large multinational corporations operating in New York by mandating worldwide combined reporting for companies with annual gross receipts exceeding one billion dollars. The legislation requires these corporations to report all profits, both international and domestic, and calculates their corporate franchise tax based on the portion of sales made in New York. Currently, many multinational corporations use profit-shifting strategies to reduce their tax liability by moving earnings outside the United States. By requiring worldwide combined reporting, the bill seeks to create a more level playing field for New York-based businesses and ensure that large corporations pay their fair share of taxes. The law will apply to taxable years beginning on or after January 1, 2026, and gives the Commissioner of Taxation and Finance the authority to create necessary regulations to implement the bill, including provisions to prevent double taxation of income. The bill specifically targets alien (foreign) corporations and those engaged in a unitary business with other taxpayers, expanding the scope of combined reporting and closing existing tax reporting loopholes.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S7323