Walt Disney World Florida. Credit: JHVEPhoto/Adobe StockWalt Disney, IBM Denied High Court Review of Old NY Franchise Tax Law
The high court on Monday denied both petitions for certiorari without explanation, as is customary, leaving intact an April decision from the New York State Court of Appeals to reject both companies’ efforts to claim billions of dollars worth of foreign affiliates’ royalty payments as tax deductions.
January 21, 2025 at 03:29 PM
3 minute read
IBM Corp. and Walt Disney Co. couldn’t convince the U.S. Supreme Court to review the constitutionality of a since-repealed New York tax law that limited when multinational conglomerates could use royalties payments to reduce their state tax burdens.
The high court on Monday denied both petitions for certiorari without explanation, as is customary, leaving intact an April decision from the New York State Court of Appeals to reject both companies’ efforts to claim foreign affiliates’ royalty payments as tax deductions.
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