Sentences with phrase «federal tax law capped»

Cuomo's proposed changes come after federal tax law capped state and local income tax deductions.

Changes to the federal tax law cap personal deductions for state and local income, property and sales taxes at $ 10,000.

Cuomo last week proposed replacing the state's personal income tax with a payroll tax as a response to the federal tax law capping state and local tax deductions at $ 10,000.

Not exact matches

Cuomo's payroll tax was unveiled this week and is meant to act as a workaround for the federal cap on state and local tax deductions set at $ 10,000, part of the December tax law approved by Congress.

Gov. Andrew Cuomo went to the Teamsters Local 456 headquarters in his home county of Westchester on federal Tax Day to sign legislation that he said was intended to circumvent the new federal tax law, which caps income tax deductions for state and local taxTax Day to sign legislation that he said was intended to circumvent the new federal tax law, which caps income tax deductions for state and local taxtax law, which caps income tax deductions for state and local taxtax deductions for state and local taxes.

A bill introduced Thursday night by Sen. Simcha Felder would change the state's tax law in order to address the federal tax overhaul that caps the amount of money taxpayers can deduct in state and local taxes at $ 10,000.

The federal law's cap of deductibility of state and local property taxes hits many Long Islanders hard.

«It is critically important, now more than ever, to make sure government controls spending in light of the federal cap on deductions for state and local taxes,» Law said, referring to the $ 10,000 limit on deductions of local property taxes and state income taxes on federal returns.

He itemized and deducted $ 14,336 in state income taxes — more than the $ 10,000 cap imposed by the new federal law — and deducted no property taxes.

This is because «the new federal law caps a deduction for state and local taxes that is especially popular in high - tax states like New York.»

The new federal tax law that caps state and local tax deductions at $ 10,000 sent officials in high - tax states like New Jersey scrambling to blunt the potential impact on taxpayers.

Cuomo, along with other governors from states impacted by the cap, have announced a lawsuit to challenge the constitutionality of the tax law, based on federal separation of powers and states» rights.

But Cuomo wants to change that as a response to the cap on state and local tax deductions, now at $ 10,000, in the federal tax law approved in December.

The recently enacted federal tax law will raise many New Yorkers» federal taxes by sharply capping a deduction for state and local taxes that was especially popular in high - tax states.

Finally, CBC supports the Governor's efforts to address the impact of the federal tax law's capping of the State and Local Tax (SALT) deductitax law's capping of the State and Local Tax (SALT) deductiTax (SALT) deduction.

Adding to the problems is a $ 10,000 cap on state and local tax deductions in a federal tax law approved last month by Congress.

When congress passed the new federal tax law in December, it capped the state and local tax deduction at $ 10,000.

New York's first - in - the - nation response to the new federal tax package and its cap on the deductibility of state and local taxes is now law, but the impact of the measure remains uncertain, experts say.

The law will raise many New Yorkers» federal taxes by sharply capping a deduction for state and local taxes that was especially popular in high - tax states.

Republican Rep. John Faso released a letter Wednesday sent to the tax policy office at the U.S. Department of Treasury that seeks to clarify whether Gov. Andrew Cuomo's proposed workarounds for a $ 10,000 cap on state and local tax deductions are legal under federal law.

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.

The Senate suggests that the city adopt the cap in light of the new federal tax law, which eliminates federal income tax deductions for state and local taxes (SALT).

The new federal law caps a deduction for state and local taxes that is especially popular in high - tax states like New York.

To help pay for those breaks, the new federal law caps the deductibility of state and local taxes for individuals at $ 10,000.

Under the new federal law, the deduction for state and local property and income taxes is capped at $ 10,000.

Gov. Andrew Cuomo earlier this month floated swapping out the state's personal income tax with a payroll tax as a way to circumvent the new federal law that caps state and federal taxes at $ 10,000.

The federal tax plan, which Trump signed into law a few days before Christmas, caps the state and local tax deduction, also known as SALT, at $ 10,000, hurting high - tax states such as New York, New Jersey and California.

Be aware that under the new federal tax law, the cap to the mortgage interest deduction will be lowered from $ 1 million to $ 750,000.