Tax Exemptions

News & Analysis as of

New Law Nullifies Property Tax Exemption for Buildings Sold by Nonprofits

What happens to a property tax exemption when a nonprofit sells its building to an entity that will use it for a non-exempt purpose? As of July 1, 2014, and extending through 2015, the new owner will owe property tax on the...more

SEC's MCDC Initiative - The Clock is Ticking

Not-for-profit health care providers that have borrowed on a tax-exempt basis within the last five years should be aware of the Securities and Exchange Commission’s (SEC) Municipalities Continuing Disclosure Cooperation...more

IRS Introduces New Form 1023-EZ to Streamline Applications for 501(c)(3) Tax-Exempt Status

On July 1, 2014, the Internal Revenue Service (IRS) launched a new Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, that is intended to enable small...more

"Nonprofit Traps and Pitfalls"

Many of us lawyers are involved with nonprofits. Some of us assist clients in incorporating and providing legal advice to nonprofits, and others of us serve on nonprofit boards. Nonprofit law is surprisingly complex. ...more

NY Property Tax Exemption Extension for Renewable Systems

The New York legislature has passed a bill that extends a real property tax exemption for wind, solar and certain other energy systems until January 1, 2025. The bill provides that real property which includes an eligible...more

Michigan Supreme Court: No Automatic Use Tax Exemption for Purchases from Michigan Sellers – Andrie v Treasury

The Michigan Supreme Court published Andrie, Inc. v Department of Treasury yesterday afternoon, a decision which affects any business client with significant purchases from Michigan sellers. The Court reversed the Court of...more

Being a “good landlord” not enough to prove low income housing qualified for Indiana’s charitable purpose property tax exemption

In Housing Partnerships, Inc. v. Tom Owens, Bartholomew County Assessor, Pet. No. 49T10-1005-TA-23 (June 6, 2014), Taxpayer owned several individual homes, duplexes and small apartment buildings. The properties were rented...more

High Court Will Hear Religious Exemption Case

As reported in an earlier post, entitled New York Pagan Phryganium Wins Real Property Tax Assessment Appeal, the Third Department recently held that the Town of Catskill improperly denied a pagan religious group a real...more

Water Resources Legislation Could Lead to Increase of U.S. Water P3s

President Obama recently signed into law the Water Resources and Reform Development Act of 2014 (WRRDA). The statute begins to address ways to fund the billions of dollars necessary to update the country’s drinking water...more

New Law Changes Property Tax Assessments on Leasehold Interests at Military Bases

The leasing of government-owned, tax-exempt property can raise many policy questions for local assessing officials. Some of those questions are answered by specific provisions in the Property Tax Code. Other questions have...more

European Court of Justice judgment on the exemption of foreign investment funds from CIT in Poland

The European Court of Justice has issued a judgment concerning the authority of Poland to grant a corporate income tax (CIT) exemption to investment funds depending on where their registered offices are located. Polish...more

IRS clarifies procedures for organizations with pending exemption applications that fail to file Form 990

The Internal Revenue Service last month published a memorandum for its exempt organizations specialists regarding the treatment of exempt organizations still awaiting their determination letters that have failed to file an...more

PA Senators Continue Pushing to Replace School Property Taxes with Expanded Personal Income & Sales Taxes - May 2014

On April 30th the Pennsylvania Senate’s Finance Committee held a hearing on S.B. 76 which would eliminate school district property taxes in Pennsylvania. The bill would replace the lost revenues: (a) by boosting the...more

Grave decisions for Cemetery Association and Office Building Owner; Tax Court rejects two petitions to enjoin collection of...

A longstanding exemption is denied. In Washington Park Cemetery Association, Inc. v. Marion County Assess et al., Cause No. 49T10-1404-TA-10, the non-profit Association owned a cemetery, mausoleum and crematory complex in...more

Trusts & Estates Alert - May 2014: Recent Changes to New York's Estate and Trust Income Tax Laws

Effective April 1, 2014, as part of the implementation of the 2014-2015 budget, the legislature and Governor Cuomo made significant changes to New York’s estate tax and trust income tax laws. According to Governor Cuomo, a...more

SJC Upholds Charitable Property Tax Exemption for Land Conservation Organization

On May 15, the Supreme Judicial Court released its opinion in New England Forestry Foundation v. Hawley, ruling that a 120-acre parcel of forest land owned by the Foundation in the Town of Hawley was eligible for the...more

Doing Business in Latin America and the Caribbean: Paraguay

With an area of 406,752 square kilometers, Paraguay occupies the central plain of South America. It has the world’s largest fresh water reserve known as “Acuífero Guaraní.” The country’s fertile soil is one of the major...more

In Landmark Ruling, Massachusetts SJC Upholds Tax Exemption for Charitable Conservation Land

On May 15, 2014, the Massachusetts Supreme Judicial Court (“SJC”) issued a landmark decision, New England Forestry Foundation, Inc. v. Board of Assessors of Hawley, SJC-11432 (May 15, 2014), upholding the tax exempt status of...more

Doing Business In Iowa

ABOUT IOWA - A. Population and Geography - Centrally located in the United States, the state of Iowa is characterized by rich agricultural land, with wetlands, woodlands, and prairie throughout. The state...more

Maryland Phases-In Increased Exemptions for Estate Tax

Currently, in addition to any federal estate tax, Maryland imposes an estate tax on property that passes upon the death of an individual on the amount of the decedent’s taxable estate in excess of $1 million. The maximum rate...more

Massachusetts Land Trusts Breath a Collective Sigh of Relief: The SJC Rules That There Is No Requirement to Promote Public Access...

The Massachusetts Supreme Judicial Court today ruled that land trusts or other charities which own and preserve conservation land may take advantage of a state tax exemption on such land even if they do not affirmatively...more

Tax And Business Planning For Farmers To Avoid Higher Taxes And Loss Of Subsidies

The Agricultural Act of 2014 (aka - the 2014 Farm Bill) has been controversial, to say the least. Among its many changes are an $8 billion cut to the “food stamp” program. The Farm Bill also drastically modifies or ends...more

Important Changes to New York Estate and Gift Tax Laws

Estate tax exemption increase. Effective April 1, 2014, the New York State estate tax exemption increased to $2,062,500 for New York residents dying between April 1, 2014 and April 1, 2015 and will increase to $3,125,000 on...more

Taking Off the Gloves: Tax and Revenue Law Change Proposals We Expect to See in the Short Session

Between legislative sessions the Joint Legislation Commission on Revenue Laws meets to determine how to handle tax and finance issues including repeals, clarifications and new proposals. We expect the following bills to be...more

Frank Aragona Trust: A Taxpayer Win

In a case of first impression, Frank Aragona Trust v. Commissioner, 142 T.C. No. 9 (Mar. 27, 2014), the Tax Court held that a trust could materially participate in a trade or business based upon the activities of the...more

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