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Second Circuit Unanimously Rejects States’ Constitutional Challenge to $10,000 SALT Deduction Cap

The $10,000 federal cap on the state and local tax itemized deduction for individuals (“SALT limitation”) continues to generate considerable debate, as well as efforts to narrow its scope. Several states have enacted...more

New York State Tax Department Issues Guidance on Pass-Through Entity Tax

The New York State Department of Taxation and Finance has issued guidance on the recently enacted New York Pass-Through Entity Tax. Technical Memorandum, “Pass-Through Entity Tax,” TSB-M-21(1)C, (1)I (N.Y.S. Dep’t of Taxation...more

New York State Enacts Pass-Through Entity Tax as SALT Limitation Workaround

On April 19, 2021, New York Governor Andrew Cuomo signed into law legislation that creates a New York Pass-Through Entity Tax, effective for tax years beginning on or after January 1, 2021. This consequential tax legislation,...more

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