The article discusses how New York reformed its corporate income tax in 1987, the first major change since 1944. The focus was on the flaws in the previous tax system and the changes made to improve it. The researchers analyzed different tax methods and credits, aiming to make the tax system fairer and more efficient. Key findings include the elimination of flawed tax alternatives, changes to the tax on capital, and discussions on how to tax investment income and allocate income for multijurisdictional corporations.