News & Insights

New York City's implementation of its new pied-à-terre tax on high-value second homes remains on track after the city filed an appeal, which temporarily suspended a court order that had paused parts of the rollout. The measure has generated controversy as thousands of property owners have received notices requiring them to prove their homes qualify as primary residences and are therefore exempt.

As states take a closer look at wealthy taxpayers with homes in multiple jurisdictions, determining where someone truly calls home can carry enormous tax consequences. In a Wall Street Journal article, Hodgson Russ Partner Tim Noonan discusses the growing number of residency audits, highlighting how states are increasingly challenging taxpayers' domicile claims.

As New York City considers scaling back a key tax credit for high-income taxpayers, details matter. Hodgson Russ Partner Tim Noonan was quoted in Tax Notes on the New York City Council's proposal to reduce the unincorporated business tax (UBT) credit for taxpayers with city taxable income of $1.25 million or more.

A key element of New York’s data center moratorium was a direction to Empire State Development (“ESD”) to craft a Community Investment Framework (“CIF”) under which data center host communities would be compensated. Public feedback on the Framework can be submitted to ESD by Thursday, August 13, 2026.

As early as June 2020, our “Borrower Beware” alerts began warning borrowers about the risks associated with false certifications on Paycheck Protection Program (“PPP”) loan applications and potential after-the-fact government scrutiny of such loans under the False Claims Act, which is often spurred by whistleblowers.

Over recent years the New Jersey Division of Taxation has sent a wave of erroneous refund denial notices to resident taxpayers.  In the usual situation that we see, the resident has paid additional tax to New York following a personal income tax audit.  That additional New York tax payment typically generates a New Jersey refund as a result of New Jersey’s offsetting credit for taxes paid to New York.