Shaking things up in state and local tax
Shaking things up in state and local tax
By Ted Friedman and Madison Barnett
The Maryland Tax Court held that the Comptroller’s policy of not allowing carryforwards of unsubtracted exempt federal obligation interest violates the Supremacy Clause of the U.S. Constitution. Under the Comptroller’s policy, interest earned on Maryland obligations is subtracted in its entirety when computing Maryland taxable income. As a result…
The New Jersey Supreme Court granted leave to appeal in the Whirlpool Properties Inc., and Pfizer Inc. cases to determine whether the New Jersey “Throwout Rule” is facially unconstitutional. Whirlpool Properties, Inc. v. Div. of Taxation and Pfizer, Inc. v. Div. of Taxation, Dockets A-1180-08T2 and A-1182-08T2 (N.J. Super. Ct. App. Div.…
