MoFo New York Tax Insights - Volume 4, Issue 5 - May 2013

In This Issue:

New York Enacts Significant Changes to Related Member Royalty Add-Back Law; Nuclear Power Plant That Produces Steam and Water to Generate Electricity Not Eligible for Investment Tax Credit; Appellate Division Upholds Denial of Insurance Company’s Claim for Refund of Retaliatory Tax; S Corporation Shareholders Permitted to Allocate Higher QEZE Credit to NY; and Insights in Brief.

Excerpt from New York Enacts Significant Changes to Related Member Royalty Add-Back Law -

Governor Cuomo has signed into law changes to the related member royalty income exclusion and expense add-back law, applicable for both New York State and New York City corporate tax purposes for tax years beginning on or after January 1, 2013. S. 2609D, A. 3009D, Ch. 59, N.Y. Laws of 2013. Most significant is the elimination of the royalty income exclusion where the related payor is subject to the royalty expense add-back.

Please see full issue 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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