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State Taxation

  • Leveraging Tax Credits for Energy-Efficient Investments in Local Governments: Opportunities Under the Inflation Reduction Act

    By:
    Brendan Nelson, CPA, and Nicholas Hennessy, CPA
    |
    Mar 1, 2025

    The Inflation Reduction Act, enacted in 2022, provides a groundbreaking framework for advancing clean energy initiatives across the United States. This legislation’s primary focus is to incentivize energy-efficient investments through tax credits, including provisions that allow local governmental agencies and other tax-exempt entities to benefit from these incentives via elective pay, also referred to as direct pay. By tapping into these opportunities, local governments can significantly reduce costs while advancing sustainability goals, modernizing infrastructure, and stimulating local economies.

  • 2024 New York Tax Update – Year in Review

    By:
    Joseph F. Tantillo, Esq.
    |
    Feb 1, 2025

    2024 was yet another busy year for New York taxes. The Budget was, once again, full of new and interesting tax provisions, albeit lighter on changes than the last few years. There were various highlights, including new rules regarding representatives, guidance from New York City on changes to the Business Corporation Tax, and a challenge to the Tax Department’s New Corporate Regulations related to Public Law 86-272. 

  • State Tax Considerations When Selling a Partnership Interest

    By:
    Elizabeth Pascal, JD, and Carissa Conley, CPA
    |
    Feb 1, 2025
    State tax considerations often get short shrift when planning for the sale of a business or investment held in a partnership. That’s not surprising when we compare federal and state tax rates. But sales of partnership interests can be taxable to a corporate or individual nonresident partner in states that the partner has no other connections apart from the activities of the underlying partnership being sold.

     

  • A Test of New York State’s Infamous Convenience Rule

    By:
    Brian Gordon, CPA
    |
    Nov 1, 2024

    The case of Scott and Elizabeth Bryant was heard in the Division of Tax Appeals by Administrative Law Judge Alexander Chu-Fong. The determination was dated Sept. 12, 2024, DTA number 830818.

    This case addresses New York State’s convenience rule for telecommuting employees during the COVID-19 pandemic. This can also apply to other forced office closures.

  • Does a Transfer on Death Deed Live up to the Hype?

    By:
    Anthony J. Enea, Esq.
    |
    Nov 1, 2024

    Effective July 19, 2024, the Heirs Property Protection and Deed Theft Prevention Act of 2024 became law in New York. With the enactment of a new Section 424 of the Real Property Law (RPL), a Transfer on Death Deed (TODD) was authorized. One of the stated objectives of a TODD is to avoid probate for real property without having to use a costlier living trust. This purportedly simplifies and reduces the expense of conveying real property for persons of modest means and lower income.

  • Long Term Care and Asset Protection Planning

    By:
    Brian Miller, JD, CELA
    |
    Oct 1, 2024

    It is estimated that 70% of adults aged 65 years and older will require long-term care at some point in their lives. Long-term care includes a variety of services designed to meet an individual’s health or personal care needs, allowing them to live as independently and safely as possible when they can no longer perform daily activities on their own.

  • Multi-Entity Structures in the Not-for-Profit Context

    By:
    Peter Egan, Esq. and Anita Pelletier, Esq.1
    |
    May 1, 2024
    The formation of affiliate organizations in the not-for-profit world is a consideration that surfaces during the lifetime of many not-for-profit organizations as a strategy to expand operations, address tax implications of unrelated business income, shield itself from liability and expand on overall capacity to deliver more on an organization's charitable mission. 
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