United States: New York State Enacts FY 2014-2015 Budget Legislation Providing Extensive Tax Reform

After several Commission reports1 and multiple drafts in the New York State legislature, Governor Andrew Cuomo signed the final FY14-15 New York State budget legislation on March 31, 2014.2 Among its many reforms, this legislation provides for an extensive revamping of the state's corporate tax regime, most notably for banking corporations. Generally, the provisions are effective for tax years beginning on or after January 1, 2015, unless noted otherwise.

Other significant changes include a decrease in the corporate franchise tax rate, the imposition of a mandatory unitary combined reporting system, the application of economic nexus, and the creation of various tax incentives and rate reductions for "qualified manufacturers" in the state. The changes to estate tax, property tax, and additional tax credits mean these reforms will also affect other types of taxpayers. The main provisions of the enacted bill are outlined below.

At this time, the enacted reforms to the New York State tax law regime generally do not apply to New York City, with limited exceptions. Conformity by New York City will require its own legislation.

Corporate Tax Reform

The budget bill implements substantial changes to New York State's corporate tax landscape. The bill's newly enacted corporate tax provisions are outlined below. In addition to the changes highlighted above, the modifications to the state apportionment sourcing rules, net operating loss (NOL) calculations, and the fixed dollar minimum tax are summarized below.

Economic Nexus

  • Corporations will now be taxable in New York for purposes of the corporation franchise tax and the metropolitan tax (MTA) surcharge if they derive $1 million or more of receipts from activity in New York;3 and
  • A corporation that is part of a combined group and has receipts derived from New York of less than $1 million but more than $10,000 satisfies the threshold requirement for combined reporting if the New York receipts of all group members who individually exceed $10,000 equal $1 million or more in the aggregate.4

Tax Rates

  • The existing corporate franchise tax rate of 7.1 percent is reduced to 6.5 percent effective January 1, 2016;5
  • With the effective merger of Article 32 of the New York Tax Law (applicable to banking corporations) into Article 9-A (applicable to general corporations), both general corporations and banking corporations will now calculate tax on the following three tax bases: business income base, capital base, and fixed dollar minimum base;6
  • The MTA surcharge is increased to 25.6 percent effective for tax years beginning on or after January 1, 2015 and before January 1, 2016 with adjustments in rates at the Commissioner's discretion depending on the state's financial need;7
  • Qualified New York manufacturers will have an effective tax rate of 0 percent;8 And
  • The capital base tax rate will be completely phased out by 2021 with qualified New York manufacturers paying a lower tax rate during the phaseout period.9

Fixed Dollar Minimum Tax

  • While the enacted legislation retains the current fixed dollar minimum tax base on New York-sourced receipts, it incrementally increases the current maximum tax due of $5,000 to a maximum tax due of $200,000 for taxpayers with over $1 billion in New York receipts.10

Bank Tax Reform

  • The Article 32 bank franchise tax has been repealed, thereby subjecting banking corporations to the Article 9-A corporation franchise tax beginning January 1, 2015;11 and
  • Under the new combined reporting rules (see below), banks and general business corporations may be included in the same combined filing group under Article 9- A.12

Apportionment

  • The budget legislation modifies current New York apportionment to a single receipts factor with a set of intricate customer-based sourcing rules.13 Specific provisions exist for various types of sales including other business receipts, rents and royalties, and digital products;
  • Taxpayers now have the option to make an annual and irrevocable election to use a fixed amount of 8 percent of all net income from qualified financial instruments in the apportionment numerator.14 Without this election, receipts and net gains from these instruments are sourced based on customer location;
  • Intangible property, such as patents and trademarks, are now sourced to New York based on the extent activities related to the intangible take place in the state;15 and
  • Receipts from services and other business receipts are sourced to the state based on a customer location hierarchy, specifically starting with where the customer receives the benefit of the transaction.16

Combined Reporting

  • The legislation completely replaces the existing combined reporting standards, including the substantial inter-corporate transactions requirement,17 and requires unitary combined reporting for tax years beginning on or after January 1, 2015;18
  • Combined reporting will be required for any taxpayer that:
    • owns or controls more than 50 percent of the voting power of capital stock of one or more other corporations, or
    • owns and controls more than 50 percent of the capital stock of which is owned or controlled by one or more other corporations, or
    • owns or controls more than 50 percent of the voting power of capital stock of which, and the capital stock of one or more other corporations, is owned or controlled, directly or indirectly, by the same interests, and
    • is engaged in a unitary business with those corporations;19
  • Combined returns are now required for (1) captive real estate investment trusts (REITs) and regulated investment companies (RICs) that are not required to be included in a combined report under Article 33 of the New York Tax Law (applicable to insurance companies), (2) combinable captive insurance companies (formerly, overcapitalized insurance companies) with 50 percent or less of their gross receipts for the taxable year consisting of premiums from arrangements that constitute insurance for federal income tax purposes, and (3) alien corporations that satisfy state ownership and unitary thresholds and that are considered U.S. domestic entities under Internal Revenue Code (IRC) Section 7701 or have effectively connected income under IRC Section 882 for the tax year;20
  • Excluded from combined reporting are entities taxable under the telecommunications or insurance tax regimes of Article 9 and Article 33 respectively, New York S corporations, and corporations with no New York nexus affiliates and who are subject to tax solely because of their interest in a limited partnership doing business in New York;21 and
  • Corporations may now elect an irrevocable and binding six-year option to be combined with any non-unitary affiliates if certain thresholds are met.22 Unless affirmatively revoked, the election would be automatically renewed for an additional seven years.

NOLs

  • Currently, NOLs are pre-apportioned and are carried forward or backward in conjunction with federal NOLs. The legislation will apply prospectively starting on or after January 1, 2015 and will compute New York NOLs on a post-apportionment basis;23
  • While the NOL deduction for New York state purposes is no longer tied to the federal amount, the maximum deduction is limited to reducing the tax on entire net income to the higher of the tax on capital base or the fixed dollar minimum;24 and
  • The legislation also creates a prior net operating loss (PNOL) conversion subtraction that may be applied against the business income before the NOL deduction is taken.25

Tax Credits

The budget further enhances New York's tax credit scheme by providing the following:

  • The investment tax credit is retained in the enacted bill, whereas it would have been eliminated in earlier drafts for select taxpayers;26
  • Qualified New York manufacturers will now be able to take a refundable tax credit of 20 percent of real property tax paid on property used for manufacturing;27
  • The enacted legislation enhances existing tax credits including the youth works tax credit,28 empire zone investment credit,29 film production credit,30 qualified emerging technology company credits,31 agricultural property credit32 and environmental remediation credits through the Brownfield redevelopment program.33 Newly enacted tax credits include a refundable credit for START-UP NY34 companies equal to the Section 186-e telecommunications tax35 and a personal income tax credit for eligible low and middle income taxpayers who rent their primary residence;36 and
  • The initially proposed legislation contained a provision that required all Article 9- A credits to be claimed on originally filed returns, but the enacted legislation does not contain this provision.

Estate and Gift Tax Reform

The enacted legislation includes several amendments to the New York gift tax and estate tax for decedents dying on or after April 1, 2014.

  • While the originally proposed legislation decreased the effective estate tax rate from 16 percent to 10 percent over a four-year period, the enacted legislation does not include this decrease. The legislation only provides a tax rate hierarchy for decedents dying on or after April 1, 2014 and before April 1, 2015;37
  • The basic estate tax exclusion amount is increased from the current $1 million to $2,062,500 for decedents dying on or after April 1, 2014 and before April 1, 2015 and thereafter increasing to tie to the federal exclusion amount of $5,250,000 by January 1, 2019.38 After January 1, 2019, the exclusion amount will be indexed for a cost-of-living adjustment;
  • For estate tax purposes, certain gifts made by the decedent during the three-year period prior to death are now required to be added back to the taxable gross estate;39
  • The legislation also closes the resident trust loophole by treating these trusts as grantor trusts for New York income tax purposes on income earned after June 1, 2014;40
  • Trusts making accumulation distributions to New York residents will now be required to file returns with the state;41 and
  • The generation-skipping tax is repealed.42

Various Other Reforms

The legislation also provides for various other tax reforms including, but not limited to:

  • A real property tax freeze rebate for resident individuals for the 2014 tax year that will be extended to the extent each respective school district complies with the state tax cap;43
  • The repeal of the "add-on" minimum tax for individual taxpayers;44 and
  • The ability for tax return preparers electronically filing personal income tax returns to accept electronic signatures from individual taxpayers.45

Commentary

Since Governor Cuomo signed the FY14-15 Budget Bill on March 31, 2014, the budget legislation is a first-quarter tax provision event for calendar-year taxpayers. As mentioned previously, taxpayers should be aware that the budget's overhaul to New York State's tax regime does not apply to New York City unless or until New York City enacts parallel legislation.

Corporate taxpayers should pay careful attention to effective dates for the various changes implemented by the legislation. While most provisions become effective beginning January 1, 2015, there are several that are implemented on a different timetable. For example, the reduction to the corporate franchise tax rate is effective for tax years beginning on or after January 1, 2016 and the elimination of entire net income tax on qualified manufacturers is effective for tax years beginning on or after January 1, 2014. Taxpayers should also be cognizant that the enacted legislation still contains various drafting errors that may still be amended. For example, no estate tax rate is provided for decedents dying after April 1, 2015. Further, the governor's New York FY14-15 budget proposal was originally drafted based upon the recommendations of two state tax commissions. It then went through several draft bills and proposed amendments. It is important for taxpayers to be aware of the final, enacted version's provisions as compared to those that came before it. For example, Governor Cuomo proposed repealing the state stock transfer tax which remains in the enacted legislation.

This legislation includes many provisions that accomplish major tax reform. The adoption of an economic nexus standard represents a significant change and may result in more out-of- state entities being subject to New York corporate franchise tax and the MTA surcharge. Although there has been a state trend of adopting economic nexus standards, the constitutionality of this approach is questionable. Courts intended that the nexus test would be based on a case-by-case analysis of whether a taxpayer had enough presence in a state to be subject to tax.46 Under the judicial approach, many factors beyond receipts in the state should be considered in making a nexus determination. By basing a nexus determination on only a taxpayer's receipts in New York, out-of-state companies are being deprived of a thorough nexus analysis.

In addition to economic nexus, the legislation includes numerous substantial revisions. The repeal of the Article 32 bank franchise tax and inclusion of banking corporations under the general corporation franchise tax will produce a decidedly different tax result for banking corporations. Also, the adoption of mandatory unitary combined reporting is likely to change the entities that are included in the New York combined filing group. The capital base tax is being phased out and the subsidiary capital concept has been eliminated.47 The apportionment provisions are revised and extensive sourcing guidelines are provided for many different types of transactions. New York is following the state trend of adopting market-based sourcing for sales other than sales of tangible personal property. Furthermore, there is a significant shift in the NOL calculation.

While this alert summarizes the key provisions that have been enacted by the New York State legislature, taxpayers should note that many of the newly enacted tax reforms are complex in nature and will likely require a detailed analysis individualized to the taxpayer's situation.

Footnotes

1 See GT SALT Alert: New York State Tax Reform and Fairness Commission Proposes Extensive Revamp of Tax Law; see also, Final Report, New York State Tax Reform and Fairness Commission, Nov. 11, 2013. The full text of the report is available at http://www.governor.ny.gov/assets/documents/greenislandandreportandappendicies.pdf

2 Ch. 59 (A.B. 8559 / S.B. 6359), Laws 2014.

3 N.Y. TAX LAW §§ 209.1(b); 209-B.1(a).

4 N.Y. TAX LAW § 209.1(d).

5 N.Y. TAX LAW § 210.1(a).

6 N.Y. TAX LAW § 210.1.

7 N.Y. TAX LAW § 209-B.1(a).

8 N.Y. TAX LAW § 210.1(a)(vi). "Qualified New York manufacturers" are defined as manufacturers principally engaged in the production of goods who also have property in the state used for qualifying activities where: (1) the adjusted basis of such property for federal income tax purposes at the close of the taxable year is at least one million dollars; or (2) all of its real and personal property is located in the state. Id. It is important to note that qualified emerging technology companies as defined in New York Public Authorities Law § 3012-e will not be subject to the 0 percent tax rate, but rather are subject to reduced rates. Id. The 0 percent tax rate is a change from originally proposed legislation.

9 The enacted legislation imposes the following capital base tax rates for general corporations: 0.15 percent for taxable years beginning before January 1, 2016; 0.125 percent for taxable years beginning in 2016; 0.10 percent for taxable years beginning in 2017; 0.075 percent for taxable years beginning in 2018; 0.05 percent for taxable years beginning in 2019; 0.025 percent for taxable years beginning in 2020; and 0.00 percent for tax years beginning on or after January 1, 2021. N.Y. TAX LAW § 210.1(b). The newly enacted capital tax base rates for qualified New York manufacturers for these tax periods are 0.15 percent, 0.106 percent, 0.085 percent, 0.056 percent, 0.038 percent, 0.019 percent and 0.00 percent, respectively. Id.

10 N.Y. TAX LAW § 210.1(c).

11 Ch. 59 (A.B. 8559 / S.B. 6359), Part A, § 1.

12 N.Y. TAX LAW § 210-C.

13 N.Y. TAX LAW § 210-A.

14 N.Y. TAX LAW § 210-A.5. "Qualified financial instruments" are defined as instruments that are assets marked-to-market under IRC §§ 475 or 1256, and specifically exclude loans secured by real property.

15 N.Y. TAX LAW § 210-A.3.

16 N.Y. TAX LAW § 210-A.10.

17 N.Y. TAX LAW § 211.4.

18 N.Y. TAX LAW § 210-C. Tax on combined reports will be the highest of (1) combined business income tax base multiplied by the applicable tax rate, (2) combined capital base multiplied by the applicable tax rate, or (3) the fixed dollar minimum of the designated agent of the combined group. Tax on combined reports will also include the fixed dollar minimum tax of each taxpayer in the group (see discussion regarding changes to fixed dollar minimum tax above). N.Y. TAX LAW § 210-C.1.

19 N.Y. TAX LAW § 210-C.2(a).

20 N.Y. TAX LAW § 210-C.2(b).

21 N.Y. TAX LAW § 210-C.2(c).

22 N.Y. TAX LAW § 210-C.3.

23 N.Y. TAX LAW § 210.1(a)(ix).

24 Id.

25 N.Y. TAX LAW § 210.1(a)(viii). The PNOL conversion subtraction is calculated by: (1) computing the tax value of the taxpayer's unabsorbed NOL for the base year (this value equals the product of (a) the amount of the taxpayer's unabsorbed NOL, (b) the taxpayer's base year business allocation percentage (BAP), and (c) the taxpayer's base year tax rate); and (2) dividing this amount by 6.5 percent (in the case of a qualified New York manufacturer, 5.7 percent). This amount is the taxpayer's PNOL conversion subtraction pool. The taxpayer's PNOL conversion subtraction for the taxable year equals 1/10 of its conversion subtraction pool plus any amount of unused PNOL conversion subtraction from preceding taxable years. In lieu of this subtraction, if the taxpayer so elects, the taxpayer's PNOL conversion subtraction for tax years beginning on or after January 1, 2015 and before January 1, 2017, equals for each year not more than ˝ of its conversion subtraction pool.

26 N.Y. TAX LAW § 210-B.1.

27 N.Y. TAX LAW § 210-B.43.

28 N.Y. TAX LAW § 210-B.36.

29 N.Y. TAX LAW § 210-B.3.

30 N.Y. TAX LAW § 210-B.20.

31 N.Y. TAX LAW § 210-B.7, 8.

32 N.Y. TAX LAW § 210-B.11.

33 N.Y. TAX LAW § 210-B.18.

34 See GT SALT Alert: New York Enacts Tax-Free Areas to Revitalize and Transform Campuses and University Communities (START-UP NY Program).

35 N.Y. TAX LAW § 210-B.44.

36 N.Y. TAX LAW § 606(e-1).

37 N.Y. TAX LAW § 952(b).

38 N.Y. TAX LAW § 952(c).

39 N.Y. TAX LAW § 954(a).

40 N.Y. TAX LAW § 612(b)(40), (41). As recommended in the Final Report of the New York State Tax Reform and Fairness Commission that was issued in November 2013, these provisions are enacted to prevent a planning opportunity known as a Delaware Incomplete Gift Trust. This structure allowed the resident trust and the New York beneficiaries to avoid New York income tax. Because these now will be treated as grantor trusts, the trust income will be included in the grantor's taxable income.

41 N.Y. TAX LAW § 658(f).

42 Part X, § 8, repealing Art. 26-B.

43 N.Y. TAX LAW § 606(bbb).

44 Ch. 59 (A.B. 8559 / S.B. 6359), Part J, § 1, repealing N.Y. TAX LAW § 602.

45 N.Y. TAX LAW § 653(a)(2).

46 See Complete Auto Transit v. Brady, 430 U.S. 274 (1977), and subsequent cases.

47 Under this concept, entire net income did not include income, gains and losses from subsidiary capital. N.Y. TAX LAW § 208.9(1)(a). The subsidiary capital was subject to a separate tax. N.Y. TAX LAW § 210.1(e)(1). "Subsidiary capital" was investments in the stock of subsidiaries and any indebtedness from subsidiaries, excluding certain accounts receivable acquired in the ordinary course of business. N.Y. TAX LAW § 208.4.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
In association with
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

Cookies

A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Links

This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

Mail-A-Friend

If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Emails

From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

*** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.