New York Revamps Tax Code

The first state to significantly revamp its tax code in response to federal tax reform is New York. To learn more about NY budget bill S. 7509 that was signed by Governor Cuomo on April 12, join the SALT team on April 27 for the New York state presentation. Other states like California may follow New York’s lead to counteract the federal cap on state and local tax deductions. NY established a new payroll tax and charitable funds as workarounds to federal tax reform.

Many other states are working on their tax code as well; contact our state and local tax team to learn more.

State and Local Tax Deduction Targeted

This article from Reuters explains why the chairman of the Ways and Means Committee, Dave Camp, is targeting the state and local tax deduction in his attempts to re-write the federal tax code:

http://www.reuters.com/article/2013/09/20/us-usa-tax-state-idUSBRE98J0HT20130920