MoFo New York Tax Insights

Volume 10, Issue 5

08 May 2019

Welcome to the latest issue of New York Tax Insights. In this issue we cover:

  • On April 12, 2019, Governor Cuomo signed into law the New York State Budget Bill for the State’s 2019-20 fiscal year. We summarize the most significant of the tax provisions, some of which were not in the Governor’s proposed budget released this past January (on page 1).
  • The Court of Appeals denied review of two Appellate Division decisions dismissing actions brought by out-of-state domiciliaries challenging the constitutionality of New York’s taxation of statutory residents (on page 3).
  • The New York State Tax Appeals Tribunal held that a taxpayer timely filed an “informal” refund claim for the 2007 tax year when it filed its return for 2008 claiming the balance of the refund amount. At issue was whether the statute of limitations for refunds under Article 9-A barred a corporation from obtaining a refund claim in an amount that was not in dispute and that, but for the timeliness question, it would have been entitled to (on page 4).
  • The Appellate Division, Third Department confirmed the decision of the Tax Appeals Tribunal that a publishing executive who was domiciled in Florida was a statutory resident of New York (on page 6).
  • Both the New York City Tax Appeals Tribunal and a New York State Division of Tax Appeals ALJ came to the same conclusion - that a corporate restaurant owner was not entitled to deduct for City and State purposes excess FICA taxes it paid, and for which it elected to claim a federal tax credit rather than a deduction. The decisions demonstrate the challenges faced when attempting to deviate from federal taxable income when computing entire net income (on page 7).

And more (on page 9).

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