By Leah Robinson, Zal Kumar and Lucas Giardelli ( October 2, 2018, 2:43 PM EDT) -- The New York state 2018 legislative session included a couple bills, including a state senate draft of the budget bill, that aimed to exclude so-called global intangible low-taxed income, or GILTI, from the corporate tax base. However, as finally passed, the new law is silent as to the treatment of such income. That is especially bad news for banks and other financial institutions that expect to report significant amounts of GILTI and do business in New York. Does the silence mean that a taxpayer with GILTI must include its GILTI inclusion in New York state taxable income or does the silence mean that the legislature recognized other already-available methods to exclude such income and therefore the explicit exclusion was not needed? Of course, we can debate for a lifetime what legislative silence means and never reach an answer. This article highlights several possible avenues for removing the GILTI inclusion from the tax base — some that are fairly obvious (but important and practical) and a few that are much less obvious but worthy of consideration nonetheless. While we focus primarily on New York, many of these positions are equally applicable in other states as well....