MoFo New York Tax Insights - Volume 3, Issue 1 - January 2012


In this issue: Appellate Division Invalidates Retroactive Changes to New York Empire Zones Tax Credit Program; New York Residents Leave Their Statutory Residence Behind; Tribunal Holds No Change in Domicile for Taxpayer Relocated Abroad; Appeals Court Finds NYC Hotel Tax Changes Violated the State Constitution; Assignment of a Lease Held to Constitute a Bulk Sale; Informal Refund Claim Can Satisfy Statute of Limitations; NYC Implements New Audit Policy Disallowing Deductions by Hedge Fund Managers; Using Fulfillment Services in New York Does Not Eliminate Public Law 86-272 Protection; and Insights In Brief.

Excerpt from 'Appellate Division Invalidates...':

In a decision that could have important implications for retroactive tax legislation in New York, the Appellate Division, Fourth Department, has held that 2009 legislative amendments to the New York Empire Zones Program authorizing the retroactive denial of tax credits violated the taxpayer’s due process rights and were therefore invalid. James Square Associates LP, et al. v. Dennis Mullen, Commissioner, N.Y.S. Dep’t of Economic Development and Jamie Woodward, Commissioner, N.Y.S. Dep’t of Taxation & Fin., 2011 NY Slip Op. 08423, CA 11-00675 (4th Dep’t, Nov. 18, 2011)

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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