Welcome to the latest issue of New York Tax Insights. In this issue we cover:
- Our annual review of the developments we considered the Top 10 New York tax highlights of 2018 (on page 1).
- On January 6, 2019, Governor Cuomo announced that Michael Schmidt will be nominated as Commissioner of the New York State Department of Taxation and Finance (on page 3).
- A federal district court decision declaring unconstitutional New York's $100 million opioid surcharge. The surcharge was enacted in April 2018 by the Opioid Stewardship Act and was imposed on manufacturers and distributors that send opioid drugs into New York State. The court found that the OSA surcharge was not a "tax" and that the surcharge violated the Commerce Clause of the United States Constitution (on page 3).
- The New York State Department of Taxation and Finance release of draft amendments to its Article 9-A regulations principally to reflect the changes made by corporate tax reform legislation enacted in 2014 and 2015 in several broad areas. The Department requests comments on the draft by March 5, 2019 (on page 5).
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Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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