NY Creates Tax Uncertainty For Unauthorized Life Insurers

Law360, New York (May 22, 2013, 1:51 PM EDT) -- Prior to 2012, New York afforded surprisingly favorable tax treatment to life insurance companies that are not licensed to conduct business in New York but that owned real estate investments in New York. The New York State Department of Taxation and Finance interpreted the New York Tax Law to provide that those insurers were subject to tax in New York as a technical matter but that under the tax law's unique two-part franchise tax on life insurers, they would have no actual tax liability....

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