Enacts the MEGA corporations act mandating worldwide combined reporting for large corporations with more than one billion dollars in gross receipts.

The MEGA corporations act mandates worldwide combined reporting for large corporations with more than one billion dollars in gross receipts. This act requires these corporations to report all profits, both international and domestic, against which the corporate franchise tax can be levied based on the portion of sales made in New York. The act aims to ensure that multinational corporations pay their fair share and to create a level playing field with New York-based businesses.

Enacts the MEGA corporations act mandating worldwide combined reporting for large corporations with more than one billion dollars in gross receipts.

The MEGA corporations act mandates worldwide combined reporting for large corporations with more than one billion dollars in gross receipts. This act requires these corporations to report all profits, both international and domestic, against which the corporate franchise tax can be levied based on the portion of sales made in New York. The act aims to ensure that multinational corporations pay their fair share and to create a level playing field with New York-based businesses.