In This Issue:

Governor Cuomo Releases Ambitious 2014-15 Executive Budget; Third Department Holds Transfer of Condemned Property Did Not Occur Until After Gains Tax Was Repealed; Trial Court Upholds Constitutionality of Treating Nonresidents’ Gain on 338(h)(10) Transaction as New York Source Income; State Rules on Production Credit Allocation Method for Broker-Dealers; ALJ Finds Graphic Design Firm Furnished Advertising Services Exempt from Sales Tax; and Insights in Brief.

Excerpt from Governor Cuomo Releases Ambitious 2014-15 Executive Budget -

On January 21, 2014, New York State Governor Andrew Cuomo released the 2014-2015 Executive Budget. It contains an ambitious and potentially far-reaching set of tax proposals, many of which are consistent with recommendations recently made by the Governor’s New York State Tax Reform & Fairness Commission and the New York State Tax Relief Commission. The deadline for enactment of the budget is April 1, 2014.