July 28, 2020
Some $56 million in New Jersey business relocation grants given to a financial services company cannot be excluded from the company's taxable income because there were no restrictions on how the funds could be used, the Third Circuit ruled Tuesday.
April 23, 2020
The Third Circuit on Thursday questioned the U.S. Tax Court's determination that portions of New Jersey business relocation grants awarded to BrokerTec Holdings Inc. affiliates were tax-exempt capital contributions, reasoning that the unrestricted funds came absent any requirement to use them for capital investment.
January 30, 2020
Nearly $170 million in relocation grants New Jersey paid to a financial services company should be taxable and a U.S. Tax Court decision deeming them tax-exempt capital contributions should be overturned, the U.S. government told the Third Circuit on Thursday.
December 13, 2019
A financial services company shot back at the Internal Revenue Service's Third Circuit bid to levy taxes on $56 million in New Jersey business relocation grants the company received, arguing Thursday that U.S. Supreme Court precedent and the tax code consider such incentives to be tax-exempt capital contributions.
October 11, 2019
The U.S. Tax Court was wrong to exempt from taxation grants New Jersey paid to affiliates of a financial services company because those payments were made in exchange for the state's direct benefit, the U.S. told the Third Circuit Friday.