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Recent rulings of importance to you and your practice.
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We have in recent months discussed advising clients on choosing which state in which to file their divorce actions when they maintain sufficient ties to states other than New York such that those states may exercise jurisdiction. Some of the consequences of making these choices may not be immediately obvious, however, as illustrated by the recent decision rendered by the Court of Appeals in <i>Connelly v. Corcoran</i>, N.Y.L.J. 11/21/03, DOI p. 18, col. 4 (Ciparick, J.).
Money is not seen by these people as the commodity it should be. Instead, it is fraught with feelings, messages and beliefs from family, society and personal experience. If money were seen as a commodity, your job would be much clearer.
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In an attempt to bring New York State up to speed with practices in many other states, Judge Judith Kaye recently promulgated a plan for judges to more frequently order parents to complete psycho-educational training related to post-separation parenting. The order essentially establishes guidelines for judges as they make such orders and sets out criteria that must be met by the programs themselves if they are to receive approval for accepting court-ordered families.
This is an update to the article titled, <i>Industry Awaits Regulations Under USA Patriot Act,</i> published in the May 2003 edition of the <i>LJN Equipment Leasing Newsletter</i> (Volume 22, Number 4). As of this writing, the Treasury Department has yet to issue regulations relevant to the "loan and finance company" category of "financial institution."
Features
In a recent administrative decision by the Ohio Department of Taxation, the commissioner held that the repayment of a loan of money should be added to the lease price of tangible personal property subject to the Ohio Sales/Use Tax. The case before the commissioner involved a loan that was made to a lessee to pay off its contract obligations to another lessor, so that the lessee could enter into a lease of new equipment with the new lessor. Both the loan and the lease were separately delineated in the Lease Agreement between the partners. The commissioner concluded that the repayment of the loan was an "expense associated with the leased equipment." As a result, the commissioner held that under Ohio R.C. 5739.01(H)(1), the separately stated refinance charge to pay the interest and principle on the loan could be included as part of the leased price paid for leased equipment making both amounts taxable under the Ohio Sales/Use Tax.
As if the leasing industry needed another obstacle, a major one is now looming on the horizon, courtesy of Senate Finance Committee Chairman Charles Grassley (R-Iowa).
Highlights of the latest equipment leasing news from around the country.
Features
Cook County Illinois Board President John Stroger has proposed a new 4% lease tax. This tax is modeled on the Chicago Transaction Tax, which shifts the imposition from the lessee to a flat 4% tax on lessors (including nonpossessory lessors) receipts. The State Government Relations Committee Chair of the Equipment Leasing Association, Valerie Pfeiffer of CIT, reports that under this proposed tax, the only exempt lessors are governmental bodies, and lessors that are organized and operated exclusively for charitable, educational or religious purposes. The ordinance provides no exemption for government or other typically exempt charitable, educational or religious lessees.
The American Law Institute (ALI) and the National Conference of Commissioners on Uniform State Laws (NCCUSL), the two organizations jointly responsible for drafting and updating the Uniform Commercial Code, recently approved proposed amendments to Article 2 — Sales, and Article 2A — Leases. The ALI approved the proposed amendments in May 2003 and NCCUSL in August 2002. These amendments are the culmination of a project that began more than 10 years ago.