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New York University Law School won the case because, at that point, tax-exempt organizations were not subject to income tax on their revenue from any source as long as the revenue was used towards the organization's tax-exempt purpose. [14] [15] In 1950, Congress amended the tax law to introduce the concept of unrelated business income. [17]
When there are tax exempt investors in a fund, they are not subject to U.S. income tax, but are still required to declare and pay taxes on "Unrelated Business Taxable Income" or "UBTI". [2] For tax exempt investors, dividends , royalties , rents , capital gains and interest income are not considered UBTI, but any money earned from conduct ...
State Free File offering providers vary by state. What States Offer Free File? 22 states and the District of Columbia offer a Free File program for state tax returns.
Outside of New York City, NYC's 311 service can be accessed by calling (212) NEW-YORK (212-639-9675) (dialing 3-1-1 outside of New York City may contact the local municipality's 311 service). There is also a website and a mobile app to access the 311 service. [12] Between 2003 and 2006 NYC311 received more than 30 million calls.
New York City’s new pay transparency law went into effect Nov. 1 and requires certain private-sector company to include a “good faith” salary range for job listings.
A Municipal Assistance Corporation (MAC) was an independent New York State public-benefit corporation created by the State of New York for purposes of providing financing assistance and fiscal oversight of a fiscally-distressed city. Two MACs are explicitly designated under New York law.
The New York State Constitution, Art.X, sec. 5, provides that public benefit corporations may only be created by special act of the legislature. In City of Rye v. MTA, 24 N.Y.2d 627 (1969), the court of appeals explained that "The debates of the 1938 Convention indicate that the proliferation of public authorities after 1927 was the reason for the enactment of section 5 of article X....
NYC teachers who were expected to receive their share of a $900 million payout were told those funds will not be released. The de Blasio administration canceled the payment and is blaming the ...