Bad News For Loan Co. Spells Refund Opportunity For Others

Law360, New York (August 16, 2016, 10:20 PM EDT) -- A Massachusetts high court decision affirming a $4 million excise tax against a student loan company may have opened the door for financial institutions outside Massachusetts to seek refunds of taxes paid on loan proceeds in the Bay State, experts say.

Following a remand order from the U.S. Supreme Court, the Massachusetts Supreme Judicial Court on Friday once again upheld the state's apportionment of a financial institution excise tax on a holding company wholly owned by the First Marblehead Corp., saying that the apportionment of the securitized student loans does not discriminate against interstate commerce.

Even though Gate Holdings Inc. had...

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