NEW YORK STATE 2019-20 BUDGET BILL ENACTED -

As we went to press, the New York State Legislature passed the New York State Budget Bill for 2019-20, containing several new and important tax provisions. S. 1509-C/A. 2009-C. We will include an analysis of the Budget Bill in the May issue of New York Tax Insights.

STATE ALJ UPHOLDS TAX DEPARTMENT POLICY LIMITING SCOPE OF BROKER-DEALER SOURCING LAW -

A New York State Administrative Law Judge has upheld the State Tax Department’s policy limiting the availability of securities broker-dealer sourcing by a corporate member of two single-member limited liability companies for the receipts of the LLC that is a registered broker-dealer. Matter of BTG Pactual NY Corp., DTA No. 827577 (N.Y.S. Div. of Tax App., Mar. 7, 2019). The decision addresses questions about the scope of the broker-dealer sourcing statute for years before 2015, when Article 9-A corporate tax reform adopted broad-based customer sourcing rules.