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Pennsylvania's Commonwealth Court Finds NOL Cap Unconstitutional, Grants Refund to Taxpayer

2015-11-25 10:53:08| Wireless - Topix.net

In a 52 decision, the Pennsylvania Commonwealth Court in an en banc panel has held that Pennsylvania's NOL cap violates the Uniformity Clause of the Pennsylvania Constitution, and granted the taxpayer the right to deduct its NOLs without regard to the statutory NOL cap, which resulted in a refund to Nextel.1 Reed Smith represented Nextel in this case, and we previously reported on the NOL cap issue in our October 5, 2015 Alert . For background, during the period at issue in this case , the statutory NOL cap on Pennsylvania's corporate net income tax was the greater of $3 million or 12.5% of taxable income.

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Pennsylvania's Commonwealth Court Finds NOL Cap Unconstitutional, Grants Refund to Taxpayer

2015-11-25 02:52:25| Telecom - Topix.net

In a 52 decision, the Pennsylvania Commonwealth Court in an en banc panel has held that Pennsylvania's NOL cap violates the Uniformity Clause of the Pennsylvania Constitution, and granted the taxpayer the right to deduct its NOLs without regard to the statutory NOL cap, which resulted in a refund to Nextel.1 Reed Smith represented Nextel in this case, and we previously reported on the NOL cap issue in our October 5, 2015 Alert . For background, during the period at issue in this case , the statutory NOL cap on Pennsylvania's corporate net income tax was the greater of $3 million or 12.5% of taxable income.

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Australia: Commonwealth Bank reveal 2 degree global warming plans

2015-11-04 15:10:00| Climate Ark Climate Change & Global Warming Newsfeed

Age: Commonwealth Bank will strengthen its green credentials by acknowledging it has a role to play in keeping global warming to no more than 2 degrees, ahead of climate talks in Paris next month. The bank is also considering how to operate its business in a way that is consistent with meeting the 2 degree target. But it is not clear if it will change its lending practices, for example funding coal projects. CBA is expected to announce its new position on Thursday, when it reveals its first quarter...

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Commonwealth Bank to refund $7.6m in fees to thousands of customers

2015-10-19 05:44:51| Automakers - Topix.net

Commonwealth Bank of Australia will refund $7.6 million to thousands of customers who were slugged with unfair fees on one of the bank's products. According to a statement by the Australian Securities and Investments Commission, CBA has agreed to repay 8,400 customers after failing to properly administer the bank's AgriAdvantage Plus package over a number of years.

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Commonwealth Bank rejects industry compensation pool for bad advice victims

2015-08-12 15:24:03| Automakers - Topix.net

CBA chief executive Ian Narev said the drop in retail life insurance sales can be traced back to stiffening competition in the life sector. Commonwealth Bank of Australia has refused to back an industry-wide compensation scheme of last resort for victims of financial planning disasters, as the bank's wealth arm continues to grapple with the fallout of its own advice scandals.

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