Cuomo is also pushing to
expand charitable deductions for taxpayers in New York that could let them recover from the federal cap on deductions — a move that follows the broad outlines being considered by California officials, another high - tax state that is reacting to the SALT cap.
Gov. Andrew Cuomo's top budget and tax officials on Monday unveiled the details of the administration's plans to create a payroll tax and
expand the charitable deduction, all as a workaround for a $ 10,000 cap on state and local deductions.
Not exact matches
«Continues to and
expands the
deduction for
charitable contributions... preserving the Adoption Tax Credit... preserving the Child and Dependent Care Tax Credit.»
On May 22, 2014, Reed introduced the Fighting Hunger Incentive Act of 2014 (H.R. 4719; 113th Congress), a bill that would amend the Internal Revenue Code to permanently extend and
expand certain expired provisions that provided an enhanced tax
deduction for businesses that donated their food inventory to
charitable organizations.
The concept is to tweak state law in order for residents to take advantage of the federal law that
expands charitable donation
deductions but restricts to $ 10,000 annually what residents can take in the way of federal
deductions on their state and local income taxes.
However, when it comes to
deductions, the proposals diverge substantially, with the House GOP suggesting the elimination of virtually all individual tax
deductions except the mortgage and
charitable deductions (paired with an
expanded standard
deduction), while President Trump would keep all the current itemized
deduction rules, but cap itemized
deductions (at $ 100,000 for individuals, or $ 200,000 for married couples) while also
expanding the standard
deduction even more (so only a moderate subset of people between the standard
deduction and the cap would ever itemize at all).