Shareholders of medical device manufacturers will have their tax breaks restored in New York

Shareholders of a medical device maker are entitled to more than $150,000 in income tax refunds because New York improperly cut their tax breaks, a state tax judge has ruled.

The state should not have taken into account the corporation’s out-of-state income when calculating eligible empire tax credits that John and Kristin Somers could have included on their tax returns as business income, the New York State Division of Tax Appeals ruled in a statement published Thursday opinions. During fiscal years 2016 and 2018, Harmac Medical Products Inc. operated exclusively in New York.

Division of taxation…