New York Appellate Division Upholds Denial of Credit for Tax Paid on Intangible Income

New York Appellate Division Upholds Denial of Credit for Tax Paid on Intangible Income

New York Supreme Court, Appellate Division

The New York Supreme Court, Appellate Division, held that New York's tax scheme permitting both New York and another state to tax intangible investment income without providing a credit for taxes paid to the other state did not affect interstate commerce and was constitutional.

The New York Supreme Court, Appellate Division, held that New York's tax scheme permitting both New York and another state to tax intangible investment income without providing a credit for taxes paid to the other state did not affect interstate commerce and was constitutional.

The New York Supreme Court, Appellate Division, held that New York's tax scheme permitting both New York and another state to tax intangible investment income without providing a credit for taxes paid to the other state did not affect interstate commerce and was constitutional, ruling that intangible investment income is not out-of-state income and is subject to taxation by New York as the state of residence.

The New York Supreme Court, Appellate Division, held that New York's tax scheme permitting both New York and another state to tax intangible investment income without providing a credit for taxes paid to the other state did not affect interstate commerce and was constitutional, ruling that intangible investment income is not out-of-state income and is subject to taxation by New York as the state of residence.