In Maines v. Commissioner, 144 T.C. No. 8 (U.S. Tax Ct., Mar. 11, 2015), the U.S. Tax Court held that New York’s Economic Development Zones Act incentives (“EZ credits”) were taxable accessions to wealth and includible in federal adjusted gross income. The Tax Court rejected the argument that it was bound by New York’s characterization of the payments, which it called a “bountiful harvest,” as credits, and found that because the EZ Investment Credit and the EZ Wage Credit did not depend on any past tax payments, they were not refunds of past “overpayments” but were similar to subsidies and taxable. The Real Property Credit, because it did depend on past property credits, was treated as if it was a refund of a past tax overpayment and also included in taxable income.