Welcome to the latest issue of New York Tax Insights. In this issue we cover:
- A federal district court judge's dismissal of a suit brought by New York and other states seeking to invalidate on constitutional grounds the $10,000 SALT cap enacted as part of the Federal Tax Cuts and Jobs Act of 2017 (on page 1).
- A New York City Administrative Law Judge's rejection of a tax-exempt partner's claim that a New York City real property transfer tax exemption should be applied to the exempt partners' proportionate share of a sale of property by a taxable partnership (on page 2).
- A recent ALJ decision denying a refund to a tax-exempt religious organization due to failure to meet strict statutory requirements providing exemptions from the motor fuel tax for exempt organizations (on page 4).
- The New York State Tax Department's revision of its draft Article 9-A regulations pertaining to the Prior Net Operating Loss Conversion (on page 5).
- And more (on page 6).
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Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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