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ASTORIA FED SAV & LOAN v. NYS

222 A.D.2d 36 (1996)

644 N.Y.S.2d 926

Astoria Federal Savings & Loan Association, Appellant, v. State of New York et al., Respondents, and City of New York, Intervenor-Respondent

Appellate Division of the Supreme Court of the State of New York, Second Department.

July 8, 1996

Attorney(s) appearing for the Case

Hutton & Solomon, L.L.P., New York City (Stephen L. Solomon, Roy F. Hutton, Kenneth I. Moore and R. Gordon Abitbol of counsel), for appellant.

Dennis C. Vacco, Attorney-General, New York City (Carol E. Fiske and Bernadine M. Koch of counsel), for respondents.

Paul A. Crotty, Corporation Counsel of New York City (Edward F. X. Hart and Amy F. Nogid of counsel), for intervenor-respondent.

ROSENBLATT, J. P., COPERTINO and ALTMAN, JJ., concur.

FRIEDMANN, J.

On this appeal, we are asked to consider whether Public Authorities Law § 1045-u (3), as originally enacted, exempted the bonds issued by the New York City Municipal Water Finance Authority and the interest they generate from inclusion in a corporate bondholder's entire net income for the purpose of calculating the corporation's New York State and New York City franchise tax obligations. Should...

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