January 2, 2020

The Legal Intelligencer published an article by Senior Tax Associate Vijay Ramamurthy and Tax Director Michael Ostafy, about a Pennsylvania Commonwealth Court ruling that may lead to substantial tax refunds for corporations.

The Legal Intelligencer

By Vijay Ramamurthy, Senior Tax Associate, Tax & Business Services & Michael Ostafy, Director, Tax & Business Services

Related Services State-by-State Tax Credits & Incentives, State & Local Tax, Tax & Business, Tax Advisory Services

The Legal Intelligencer published an article by Senior Tax Associate Vijay Ramamurthy and Tax Director Michael Ostafy, about a Pennsylvania Commonwealth Court ruling that may lead to substantial tax refunds for corporations. State-by-State Tax Credits & Incentives

Excerpt:

GM argued that the appropriate remedy is to sever the flat dollar cap, which would put them in the same position as other taxpayers whose income did not exceed $2 million. Pennsylvania argued that the General Assembly never intended an unlimited NLC deduction, and that the primary legislative intent is to protect the commonwealth’s fiscal health; which would be threatened by having to refund taxes for all taxpayers who were previously subject to the cap.

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