Maines v. Comm'r
United States Tax Court
Ps received targeted economic development payments from the state of New York. New York calls these payments "credits" and treats them as refunds for "overpayments" of state tax. All the credits required Ps to make some amount of business expenditure or investment in targeted areas within the state. One of the credits, the QEZE Real Property Tax Credit, is limited to the amount of past real-property tax actually paid.
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Ps received targeted economic development payments from the state of New York. New York calls these payments "credits" and treats them as refunds for "overpayments" of state tax. All the credits required Ps to make some amount of business expenditure or investment in targeted areas within the state. One of the credits, the QEZE Real Property Tax Credit, is limited to the amount of past real-property tax actually paid. The other two credits, the EZ Investment Credit and the EZ Wage Credit, are not limited to past tax actually paid. All the credits first reduce a taxpayer's state income-tax…
1Opinion of the Court
DAVID J. MAINES AND TAMI L. MAINES, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Maines v. Comm'r
Docket No. 14699-12.
United States Tax Court
144 T.C. 123; 2015 U.S. Tax Ct. LEXIS 8; 144 T.C. No. 8;
March 11, 2015, Filed
An appropriate order will be issued.
Ps received targeted economic development payments from the state of New York. New York calls these payments "credits" and treats them as refunds for "overpayments" of state tax. All the credits required Ps to make some amount of business expenditure or investment in targeted areas within the state. One of the credits, the QEZE…
2Cases cited28 opinions
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- Aquilino v. United StatesSupreme Court of the United States · 1960
- Morgan v. CommissionerSupreme Court of the United States · 1940
- United States v. BessSupreme Court of the United States · 1958
- United States v. BurkeSupreme Court of the United States · 1992
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