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Noonan’s Notes Blog is written by a team of Hodgson Russ tax attorneys led by the blog’s namesake, Tim Noonan. Noonan’s Notes Blog regularly provides analysis of and commentary on developments in the world of New York and multistate tax law. Noonan's Notes Blog is a winner of CreditDonkey's Best Tax Blogs Award 2017.
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Showing 17 posts from 2022.
BREAKING!!! 2023 Budget Bill Expands New York’s Pass-Through Entity Tax for Some (But Not All) Resident S Corporation Shareholders
In 2021, many New York residents did not receive the full benefit of New York’s SALT cap workaround, because New York took a unique approach to the computation of its new pass-through entity tax (“PTET”). We are happy to report that on April 8, 2022, the New York Assembly and Senate passed Fiscal Year 2023 budget legislation (the Budget Bill), and part of the new legislation addresses (and fixes) this issue.
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New Guidelines and a New Rule for New York Residency Audits
Without even a hint of fanfare, the New York State Department of Taxation and Finance recently released a new version of its audit guidelines for nonresidents. Given that the last update was in 2014, we easily excited tax lawyers cracked them open to find out what had changed. But when we dug into the new guidelines, we were disappointed to see only minor stylistic edits.
2021 and 2022 PTET Due Dates Upcoming!
The drip of Pass-Through Entity Tax (PTET) questions we’ve received has grown into a steady stream… there must be some due dates approaching! Here’s a quick reminder about two important due dates for New York’s PTET. Spoiler: They’re both March 15.
Washington State Capital Gains Tax Struck Down by Judge As Unconstitutional
On Tuesday, March 1, 2022, Washington State Superior Court Judge Brian Huber released a ruling striking down the state’s new capital gains tax. The law—signed by Governor Jay Inslee last May—imposes a 7% tax on the sale of stocks, bonds, and other assets above $250,000. When signed, Washington became the first state in the country with no income tax to impose a tax on capital gains.
Proposed Changes to NYS’s Brownfield Cleanup Program Contained in the Governor’s Executive Budget
New York State’s Brownfield Cleanup Program (“BCP”) has proven to be one of the state’s most successful programs for spurring private-sector remediation and development of contaminated properties. As a quick overview, the state provides refundable tax credits that partially offset the costs of remediating and then developing brownfields in the state. By any economic measure, the program has delivered an excellent rate of return on the state’s tax-credit investment. Since the program’s inception in 2003, the numbers are compelling:
NY PTET Update: Treatment of Guaranteed Payments
As promised, we have an update on one of the unanswered questions relating to New York’s Pass-Through Entity Tax (PTET) that went into effect last year. While we are still waiting for an official pronouncement, we have heard from other practitioners that the Department is taking a favorable position on the treatment of guaranteed payments in the context of the PTET.
New Audit Guidelines in New York: A Change to the 11-Month Rule
Recently, the New York State Department of Taxation & Finance released new nonresident audit guidelines, without any announcement or fanfare. Being the first official update to the guidelines since 2014, we were excited to crack them open! But, alas, our hopes were soon dashed; the changes to the guidelines turned out to be mostly minor.
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