New York State’s Brownfield Cleanup Program (“BCP”) has proven to be one of the state’s most successful programs for spurring private-sector remediation and development of contaminated properties. As a quick overview, the state provides refundable tax credits that partially offset the costs of remediating and then developing brownfields in the state. By any economic measure, the program has delivered an excellent rate of return on the state’s tax-credit investment. Since the program’s inception in 2003, the numbers are compelling:
As promised, we have an update on one of the unanswered questions relating to New York’s Pass-Through Entity Tax (PTET) that went into effect last year. While we are still waiting for an official pronouncement, we have heard from other practitioners that the Department is taking a favorable position on the treatment of guaranteed payments in the context of the PTET.
Recently, the New York State Department of Taxation & Finance released new nonresident audit guidelines, without any announcement or fanfare. Being the first official update to the guidelines since 2014, we were excited to crack them open! But, alas, our hopes were soon dashed; the changes to the guidelines turned out to be mostly minor.