On January 21, A. 9112 was introduced in the New York Assembly. An identical Senate companion bill, S. 6102, has been referred to the Senate Budget & Revenues Committee after being introduced in May 2019. The bills would...more
On June 24, 2019, Wisconsin Governor Tony Evers (D), signed into law AB 10, entitled “2019 Wisconsin Act 7.” This Act either bars a deduction for, or requires that amounts deducted be added back to, Wisconsin taxable income...more
6/28/2019
/ Business Formation ,
Business Ownership ,
Discrimination ,
Due Process ,
Exit Strategies ,
Fifth Amendment ,
Fourteenth Amendment ,
Income Taxes ,
Interstate Commerce ,
Limited Liability Company (LLC) ,
Privileges and Immunities ,
S-Corporation ,
Transfer Restrictions
On August 9, 2017, the US Court of Appeals for the Third Circuit (Third Circuit), overruling the US District Court for the District of Delaware (District Court), allowed a claim by a holder seeking to prevent an unclaimed...more
The court case challenging Delaware’s unclaimed property audit methodologies has settled following an opinion brutalizing Delaware’s position. This settlement leaves the US District Court for the District of Delaware...more
On June 28, 2016, the much-anticipated memorandum opinion of the US District Court for the District of Delaware in Temple-Inland, Inc. v. Cook et al., No. 14-654-GMS was released on the parties’ cross-motions for summary...more
7/1/2016
/ Amended Complaints ,
Audits ,
Commerce Clause ,
Cross Motions ,
Due Process ,
Escheat ,
Ex Post Facto Clause ,
Extrapolation ,
Full Faith and Credit Clause ,
Summary Judgment ,
Takings Clause ,
Unclaimed Property
Background -
As detailed in our blog last month, MoneyGram Payment Systems, Inc. (MoneyGram) is stuck in between a rock and a hard place as states continue to duel with Delaware over the proper classification of (and...more
On March 22, 2016, South Dakota Governor Dennis Daugaard signed into law Senate Bill 106, which requires any person making more than $100,000 of South Dakota sales or more than 200 separate South Dakota sales transactions to...more
5/2/2016
/ ACMA ,
Commerce Clause ,
Declaratory Judgments ,
Due Process ,
Injunctions ,
Nexus ,
Physical Presence Test ,
Popular ,
Quill ,
Sales Tax ,
Subject Matter Jurisdiction
As soon as we start to think that Delaware’s unclaimed property practices and administration couldn’t possibly get any more egregious, another lawsuit like JLI Invest S.A. et al. v. Cook et al., Case No. 11274 surfaces. The...more
8/26/2015
/ Conversion ,
Declaratory Judgments ,
Due Process ,
Escheat ,
Foreign Commerce ,
Good Faith ,
Gross Negligence ,
Injunctive Relief ,
Merck ,
Property Owners ,
Shareholders ,
Tender Offers ,
Unclaimed Property
The judge in a case challenging Delaware’s use of sampling and extrapolation to determine unclaimed property liability denied the state’s motion to dismiss and in doing so, seriously questioned the State’s approach. ...more
In Wirth v. Commonwealth, the Supreme Court of Pennsylvania held that Pennsylvania personal income tax applied to non-resident limited partners whose only connection with the state was the ownership of a small interest in a...more