Sentences with phrase «by changes to the federal tax code»

State lawmakers are pushing de Blasio to move faster on a promise to take on a property - tax overhaul, saying many residents are already being financially hurt by changes to the federal tax code.

New York state lawmakers are pushing Mayor Bill de Blasio to move faster on a promise to take on a property - tax overhaul, saying many residents are already being financially hurt by changes to the federal tax code.

Not exact matches

Beginning in the 2018 tax year the federal government introduced a number of changes to the tax code to curb so - called «income sprinkling», a tactic used by some higher - income small business owners to shift income to lower - taxed family members.

The $ 168.3 billion budget passed by state lawmakers at the end of March includes changes to the tax codes issued «to help ease the pain of the new federal tax code for homeowners expecting to see their taxes go up,» according to CBS New York.

Cuomo led and closed his 2018 - 19 budget address Tuesday by underscoring the need to adapt a dramatic change in the state tax code to counter a federal tax law passed last month by the Republican - controlled Congress and President Donald Trump.

Officials say that unless New York changes its tax code to delink it from the federal code, state taxpayers could see their tax burden increase by $ 1.5 billion — potentially worsening the pain to New Yorkers already dealing with the curbing of state and local tax deductibility.

The Trump administration proposed the most sweeping changes to the federal tax code in decades, outlining a framework that would cut individual and corporate taxes, eliminate widely used exemptions and deductions and tilt the U.S. closer to the type of tax system embraced by other industrialized nations.

Cuomo has proposed far more sweeping changes to the state's tax code that he says are needed to soften the blow of the new federal tax law, which will raise the federal taxes of many New Yorkers by capping a deduction for state and local taxes at $ 10,000.

Hundreds of local residents took advantage of an executive order by Gov. Andrew Cuomo allowing taxpayers to make advance payments on their 2018 property taxes before changes to the federal tax code restricts tax deductions.

States who may have felt burdened by aspects of the federal tax reform may also look to implement changes to their state tax codes.