Tax business based on how much business they do in NY
Cuomo proposed taxing multi-state companies only on how much business they do here. Cuomo suggested replacing the existing corporate franchise tax, which is based on a combination of sales, payroll & property holdings, with a "single sales factor" tax,
under which sales would be counted once instead of twice as they are now. It would be phased in over four years and benefit manufacturers and securities firms first, eventually applying to all companies with holdings in New York and other states.
Source: Elizabeth Benjamine, Times Union (Albany)
Feb 15, 2002
