April 25, 2019 / 11:55 PM / a month ago

Refund from New York state’s brownfields tax credit is income - Fed Circuit

Investors who receive a payment under New York’s Brownfield Redevelopment Tax Credits program must declare it as income on their U.S. return and pay taxes on it, a federal appeals court held on Thursday.

The U.S. Court of Appeals for the Federal Circuit rejected arguments by developer Samuel Ginsburg and his wife, Joan Ginsburg, who received a state-tax refund of $1.8 million in 2013 based on their companies’ acquisition, cleanup and conversion of the Hanan and Son shoe factory into 220 Water Street, a luxury-apartment complex in the DUMBO section of the Borough of Brooklyn.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2GGR0wv

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