January 2, 2020
The Legal Intelligencer published an article by Senior Tax Associate Vijay Ramamurthy and Tax Director Michael Ostafy, about a Pennsylvania Commonwealth Court ruling that may lead to substantial tax refunds for corporations.
The Legal Intelligencer
By Vijay Ramamurthy, Senior Tax Associate, Tax & Business Services & Michael Ostafy, Director, Tax & Business Services
Excerpt:
GM argued that the appropriate remedy is to sever the flat dollar cap, which would put them in the same position as other taxpayers whose income did not exceed $2 million. Pennsylvania argued that the General Assembly never intended an unlimited NLC deduction, and that the primary legislative intent is to protect the commonwealth’s fiscal health; which would be threatened by having to refund taxes for all taxpayers who were previously subject to the cap.
