Justices Won't Hear Loan Co.'s Mass. Excise Tax Appeal

Law360, New York (February 21, 2017, 3:31 PM EST) -- The U.S. Supreme Court on Tuesday rejected a student loan company's request to review the constitutionality of a Massachusetts statute that imposed an excise tax because it was domiciled in the state, despite a lack of assets or income-earning activities there, leaving it on the hook for $4 million.

In its second request for review, First Marblehead Corp. and its subsidiary Gate Holdings Inc. had asked the high court in December to consider if the Massachusetts Supreme Judicial Court erred in applying the high court's precedent. The company had also asked if an apportionment formula for determining the excise tax reasonably...

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