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MORGAN GUAR. v. TAX TRIBUNAL

80 N.Y.2d 44 (1992)

In the Matter of Morgan Guaranty Trust Company of New York, as Successor Trustee Under American Motors Corporation Union Retirement Income Plan, Respondent, v. Tax Appeals Tribunal of the New York State Department of Taxation and Finance et al., Appellants.

Court of Appeals of the State of New York.

Decided June 9, 1992.

Attorney(s) appearing for the Case

Robert Abrams, Attorney-General (Daniel Smirlock, Jerry Boone and Peter H. Schiff of counsel), for Commissioner of New York State Department of Taxation and Finance, appellant.

John A. Corry and Leslie J. Altus for respondent.

Charles Rothfeld and Donald M. Falk, of the District of Columbia Bar, admitted pro hac vice, for Lehndorff & Babson Real Estate Counsel, amicus curiae.

Chief Judge WACHTLER and Judges SIMONS and BELLACOSA concur with Judge KAYE; Judge TITONE dissents and votes to reverse in a separate opinion in which Judge HANCOCK, JR., concurs.

KAYE, J.

This appeal calls upon us to determine whether a State tax of general application — in this case a tax on gains derived from real property transfers within the State — is preempted by the Employee Retirement Income Security Act (ERISA). Based on the structural, administrative and economic impact of the tax on the qualified employee benefit plan in issue in this case, we conclude that the...

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