After analyzing a 2010 tax on sales of certain stock using the three factors for deciding whether a tax statute could be retroactive the Court of Appeals laid out in 2013, the First Department said applying the tax to a 2007 sale would violate taxpayers' due process rights.
April 10, 2014 at 12:00 AM
1 minute read
New York’s Department of Taxation and Finance cannot impose a retroactive tax on certain corporate deals going back three and a half years, a divided state appeals panel has ruled, reversing a lower court judge.
The 4-1 Appellate Division, First Department, panel in Caprio v. Department of Taxation and Finance, 651176/11, held that applying the 2010 tax on sales of certain stock would violate taxpayers’ due process rights.
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