Faced with a daunting budget shortfall, Governor David A. Paterson’s 2010 executive budget bill proposed in January to dramatically increase the number of New York resident trusts subject to state income taxation. While the Legislature did not adopt this proposal in the budget that passed this August, resident trusts remain on the state’s radar as a potential source of increased tax revenue.
Starting with the 2010 tax year, most New York resident trusts not subject to income taxation in New York will, for the first time, be required to file a state income tax return for information purposes. These fiduciary returns will, presumably, provide the state with a precise estimate of the revenue it forgoes under the current tax law, providing ammunition for future attempts to expand New York taxation of resident trusts.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
