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

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.

It provides the most sweeping changes to the federal tax code in decades while reducing tax bills for businesses and workers alike.

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 payments and benefits provided under his executive agreement in connection with a change in control may not be eligible for a federal income tax deduction for the company pursuant to Section 280G of the Internal Revenue Code.

While this new plan will result in some immediate changes to the tax code, it will not affect the way you file federal income taxes until the 2018 tax year, which you will file in early 2019.

At the same time, the measure changes the reference to the federal tax code to reflect the code that was in effect prior to Dec. 1 of last year.

Cuomo says he's also looking at changes to the state tax code in response to the federal overhaul.

State Comptroller Tom DiNapoli issued a report that finds New York residents «stand to lose more than $ 72 billion in reported deductions for income and property taxes» if the proposals to change the federal tax code are approved.

Several Democrats also indicated that changes to the state tax code, designed as workarounds on new federal limits on the deductibility of state and local taxes, will be part of the spending plan in some form.

The State Senate last week, meanwhile, sought to cushion the blow of the federal tax law with a bill that reconciles the state code with the changes in Washington — a change that saves New York taxpayers $ 1.5 billion.

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.

The State Senate last week, meanwhile, sought to cushion the blow of the federal tax law with a bill that reconciles the state code with the changes in Washington.

The bill allows taxpayers to deduct the full payment of their property taxes and changes the state tax code reference to the federal tax code to reflect the code that was in effect prior to Dec. 1 of last year — effectively a reset button.

He also will propose a major retooling of the state tax code to deal with the federal tax changes and seek increased reserves in anticipation of further cuts from the feds.

Both the Senate and Cuomo have proposed decoupling the state tax code from the federal law in order to soften the impact of the federal tax changes on New York taxpayers.

ELIZABETHTOWN Taxpayers now have until Dec. 31 to pre-pay their 2018 property taxes either partially or in full before changes in the federal code take effect.

State Comptroller Thomas DiNapoli released a report Thursday saying New York residents stand to lose more than $ 72 billion in reported deductions for income and property taxes if proposals to change the federal tax code are implemented, a figure for 2015.

ELIZABETHTOWN Taxpayers now have until Dec. 31 to pre-pay their 2018 property taxes either partially or in full before changes in the federal tax code take effect.

The change in the federal tax code is certain to induce more families to open 529 accounts if they have children in private K - 12 schools.

As policymakers begin work on a major overhaul to the federal tax code, which could include eliminating or changing the deduction, and amid widespread concern about rising student debt levels, leaders should bear in mind that altering the provision would have implications for higher education and tax policy across levels of government.

With all of the changes going on in the federal tax code, it remains to be seen exactly how cryptocurrencies will be taxed in the future.

Among the several changes to the federal tax code passed in the last days of 2017, Congress expressly limited Section 1031 exchanges to apply to real estate only.

Even as the state faces a potential recession and changes to the federal tax code, California Gov. Jerry Brown (D) made significant investments in the state's child welfare and juvenile...

But while he remains a devoted racing fan and a box - seat holder at Oaklawn race track, horse sales proved a volatile business — one that abruptly bottomed out in 1986, when changes to the federal tax code eliminated the tax benefits of such investments.