DOH Revises Owner Equity Withdrawal Requirements

Esq. Stephen B. Hanse and Carl J. Pucci in Finance & Reimbursement

In response to NYSHFA’s concerns regarding the revised Owner Equity DAL and Equity Withdrawal Form issued last August, DOH has agreed to revise the Owners’ Equity Withdrawal requirements as noted below.

Working with the Department, NYSHFA drafted FAQ’s related to our concerns; namely, the treatment of income taxes, salary and wages, fees paid to related companies and the treatment of goodwill. Following the promulgation of these FAQ’s, the DAL and the Equity Withdrawal Form were amended to reflect a majority of our concerns. The FAQ’s are included in today’s HCS posting and will provide specific guidance to members on each issue.

Attached is the Dear Administrator announcement, which contains the HCS menu location of the documents.

NYSHFA CONTACTS:

Stephen B. Hanse, Esq.
President and CEO
518-462-4800 x11

Carl J. Pucci
Chief Financial Officer
518-462-4800 x36