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Noonan’s Notes Blog

About This Blog

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.

Contributors

Timothy Noonan 
Ariele Doolittle
Joseph Endres
Daniel Kelly
Elizabeth Pascal 
Craig Reilly
Andrew Wright 

Photo of Noonan’s Notes Blog Timothy P. Noonan
Partner, Tax Residency Practice Leader
tnoonan@hodgsonruss.com
716.848.1265
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Tim focuses his practice in the state and local tax area. His work primarily involves New York State and New York City tax litigation and controversy. Over the past 20 years, he …

Showing 128 posts by Timothy P. Noonan.

Better Late than Never? NY Extends (Some) October 15 Deadlines…But Not the PTET!

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Much to the frustration of the practitioner community, the New York Tax Department’s extension of certain filing deadlines last month due to Hurricane Ida (sorry, we’re not calling it a “Post-Tropical Depression!”) did not cover October 15-related deadlines, unlike the extensions offered by the IRS and New Jersey.  But late on October 12, with only a couple days left in the filing season, the Tax Department finally capitulated, issuing Notice N-21-5, extending many (but not all) of the due dates coming up for taxpayers and practitioners impacted by Ida.

Important Updates for New York’s Pass-Through Entity Tax

We have been trying to keep up with all of the questions from clients and practitioners regarding New York’s Pass-Through Entity Tax (PTET) with the deadline for making the 2021 annual election looming on October 15. We published a handy list of FAQs in State Tax Notes, covering the nuts and bolts of the PTET, state credits and the federal deduction. We followed up with our blog post here after NYS published some PTET guidance in late August. But, of course, new questions keep arising. 

Based on discussions internally, with other SALT practitioners, and with NYS representatives who were actively involved in the PTET legislation and guidance, we wanted to add a few more FAQs to our list.

States Suffer Another Loss in the SALT Cap Litigation

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On October 5, 2021, the Second Circuit Court of Appeals declared that the federal $10,000 SALT deduction cap is constitutional. The long-awaited ruling affirms a decision by U.S. District Court Judge J. Paul Oetken, which we covered here. The SALT deduction was first capped at $10,000 as part of former President Trump’s Tax Cuts and Jobs Act of 2017 (TCJA).

Finally…….New York Issues Guidance on Pass-Through Entity Tax

For months we’ve all been waiting for the Tax Department to issue guidance on New York’s new Pass-Through Entity Tax (PTET), since the legislation passed in April 2021.  And with the deadline to elect into the tax on October 15, 2021, little details—like how to actually make the election—remained up in the air!  We did our part, with a recent article in Tax Notes State asking and answering some FAQs, but finally yesterday the Tax Department issued its own guidance, in the form of a technical services memo, entitled TSB-M-21(1)C, (1).

Finally, Connecticut Joins the Telecommuting Guidance Party

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For the last year, we've been tracking the guidance that states have issued related to how state personal income taxes will be handled during the COVID-19 pandemic, with a specific focus on telecommuting employees. At this point, most states have issued some guidance on this. Connecticut, on the other hand, has stayed silent, until now.

A New Type of Pied-à-Terre Tax: A Surcharge on Non-Primary Owners

At the end of last year, we discussed the latest pied-à-terre tax proposal introduced in the New York Legislature, Senate Bill S44B, and how it compared with prior versions reported in this blog over the past six years. (As you may recall, New York State Senator Brad Holyman sponsored the original proposal to impose a real property tax on nonprimary residences in 2014).  This past weekend, the New York Assembly released its Tax and Revenue budget proposals for 2021-22, Assembly Bill 3009-B (the “Assembly Proposal”), which includes a new type of pied-à-terre tax, a surcharge on the owner!  (The Senate declined to include such tax in its budget proposal.)

New York Legislative Tracker: February 12, 2021 Update

We’re back to our regularly scheduled programming.  For the last two weeks, we took a break from tracking legislative developments to provide a summary of the proposed tax changes in Governor Cuomo’s Executive Budget for fiscal year 2022.  In addition to our overall summary of the Executive Budget, we also took an in-depth look at some of the more noteworthy changes.  (See here, here, and here.)

New York Legislative Tracker: Budget Proposal - February 8, 2021 Update

Welcome to our second post dedicated to providing a summary of the proposed tax changes in Governor Cuomo’s Executive Budget for fiscal year 2022.  The Executive Budget proposes to enact new taxes, credits, and other initiatives, aimed largely at mitigating the revenue shortfalls caused by the COVID-19 pandemic, and are broken down into the following categories:

New York Legislative Tracker: Budget Proposal - February 3, 2021 Update

We’re back!  This week, we have dedicated the post to providing a summary of the proposed tax changes in Governor Cuomo’s Executive Budget for fiscal year 2022.  We’ve already covered some of the proposed tax changes in the Executive Budget that came out late last month (see here, here, and here).  The Budget Proposal sets forth new taxes, credits, and other initiatives, aimed largely at mitigating the revenue shortfalls caused by the COVID-19 pandemic, and are broken down into the following categories:

New York Legislative Tracker: January 22, 2021 Update

We’re back with another update on recently-introduced tax legislation. As discussed last week, we continue to see bills reintroduced that expired at the end of the last session. Two of the more interesting proposals include repealing New York’s estate tax and another so-called “millionaire’s tax.” We’ve also been following the proposed tax changes in the Governor’s Budget proposal that came out earlier this week (see here, here, and here), and next week we’ll dedicate our update to an overall summary of the Budget proposals.

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