NYRA Rejects NYC's Income Tax Bill

Law360, New York (February 8, 2008, 12:00 AM EST) -- The bankrupt New York Racing Association has objected to a $275,000 income tax claim brought by New York City, arguing that the city lacks the authority to levy the tax.

In a reply motion filed Thursday in the U.S. Bankruptcy Court for the Southern District of New York, NYRA says the claim of estimated general corporation taxes sought by the city’s Department of Finance is unconstitutional. New York state tax law does not apply to the nonprofit racing association and the city cannot levy a tax...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.