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McDermott Will & Emery

Tax Court Rules State Corporate Incentives Are NOT Taxable Income Under Federal Law

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Many states and localities give incentives for business to move or transact in their locations. There has always been a question of whether these incentives are taxable income under federal income tax law. Internal Revenue...more

McDermott Will & Emery

U.S. Tax Court Finds Refundable State Credits Result in Taxable Income

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The United States Tax Court recently determined that certain refundable tax credits issued by New York in connection with economic development activities (EZ Credits) constituted taxable income to the recipients for federal...more

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