Sentences with phrase «in tax law at»

Allison Christians, the Stikeman Chair in Tax Law at McGill University, says there is a «perversity» to the arrangement.

Not exact matches

Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost of accommodating, announced increases in the build rates of certain aircraft; 6) the effect on aircraft demand and build rates of changing customer preferences for business aircraft, including the effect of global economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result of global economic uncertainty or otherwise; 8) the effect of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein, including fluctuations in foreign currency exchange rates; 9) the success and timely execution of key milestones such as the receipt of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation of our announced acquisition of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect of changes in tax law, such as the effect of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations in foreign current exchange rates, impositions of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other thintax law, such as the effect of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations in foreign current exchange rates, impositions of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other thinTax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations in foreign current exchange rates, impositions of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.

Jonathan Zittrain, a professor at Harvard Law School and an expert in the First Amendment, told the Washington Post that a court could decide that if the public interest was so compelling, then newspapers or the public should try to compel the candidate to authorize the IRS to release his tax information lawfully.

Adjusted shareholders» equity is shareholders» equity excluding net unrealized investment gains (losses), net of tax, included in shareholders» equity, net realized investment gains (losses), net of tax, for the period presented, the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net unrealized investment gains (losses)-RRB-, preferred stock and discontinued operations.

The outside firm can often cost less than the salary and benefits of a full - time employee and, at the same time, you may be getting a higher level of advice from a CPA or a tax accountant, the latter of whom usually is a licensed CPA and a lawyer specializing in tax law.

Core income (loss) is consolidated net income (loss) excluding the after - tax impact of net realized investment gains (losses), discontinued operations, the effect of a change in tax laws and tax rates at enactment, and cumulative effect of changes in accounting principles when applicable.

«The tax numbers in corporate filings are mostly fiction,» Alison Christians, a law professor at McGill University who specializes in tax matters, told us.

At least in the short term, the bank was expected to be the most affected by the new law, which lowered the corporate tax rate and introduced measures designed to encourage companies to bring overseas profits back to the US.

Income - tax - evasion rates in Argentina are roughly 60 percent, and evasion of the value - added tax is roughly 40 percent, according to Marcelo Bergman, a professor at Mexico City's Center for Economic Research and Teaching and the author of Tax Evasion and the Rule of Law in Latin Ameritax - evasion rates in Argentina are roughly 60 percent, and evasion of the value - added tax is roughly 40 percent, according to Marcelo Bergman, a professor at Mexico City's Center for Economic Research and Teaching and the author of Tax Evasion and the Rule of Law in Latin Ameritax is roughly 40 percent, according to Marcelo Bergman, a professor at Mexico City's Center for Economic Research and Teaching and the author of Tax Evasion and the Rule of Law in Latin AmeriTax Evasion and the Rule of Law in Latin America.

Apple turned to tax avoidance experts at the law firm Appleby for that advice, according to emails disclosed in a huge leak of financial documents known as the Paradise Papers, the New York Times and BBC reported on Monday.

«As phenomenal as the generosity the Zuckerbergs are showing is, it comes against the background of the remarkably generous tax treatment he has gotten for the wealth he has earned,» says Brian Galle, a professor of law at Georgetown University and a specialist in tax issues.

Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction and in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions and natural disasters and the financial condition of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (3) the scope, nature, impact or timing of acquisition and divestiture or restructuring activity, including the pending acquisition of Rockwell Collins, including among other things integration of acquired businesses into United Technologies» existing businesses and realization of synergies and opportunities for growth and innovation; (4) future timing and levels of indebtedness, including indebtedness expected to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including in connection with the pending Rockwell Collins acquisition; (5) future availability of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope of future repurchases of United Technologies» common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash, including in connection with the proposed acquisition of Rockwell; (7) delays and disruption in delivery of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits of organizational changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other conditions to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the market price of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation of their businesses while the merger agreement is in effect; (21) risks relating to the value of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personntax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other conditions to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the market price of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation of their businesses while the merger agreement is in effect; (21) risks relating to the value of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personntax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other conditions to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the market price of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation of their businesses while the merger agreement is in effect; (21) risks relating to the value of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnTax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other conditions to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the market price of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation of their businesses while the merger agreement is in effect; (21) risks relating to the value of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.

And given what's going on in Washington, we may be at these tax rates and under current law for a while.

Following is a look at how blue collar workers in a number of occupations, from food preparation workers to power plant operators, could see their taxes change next year if the tax plan becomes law.

Inter IKEA Systems B.V., the Dutch company at the heart of the investigation, said in a statement: «Inter IKEA Group including its subsidiary Inter IKEA Systems B.V. is committed to paying taxes in accordance with laws and regulations wherever we operate.

These AMT exemption amounts, which were expanded under various tax laws in 2001, 2003 and 2004, expired at the end of 2005.

The estimates in the chart show how much single, childless taxpayers at different income levels who claim the standard deduction might save if the Senate's tax plan becomes law:

That makes the treatment of syndicated easements a telling prism through which to view the tax system at a moment in which Congress has been frantically redrafting the tax laws.

(m) Except as otherwise set forth in Schedule 2.20 (m) of the Disclosure Schedule, all related party transactions involving the Company are at arm's length in compliance with Section 482 of the Code and the Treasury Regulations promulgated thereunder and any comparable provision of any Tax law.

Here we take a look at some of the Trump tax law changes proposed during his campaign, consider the impact of those changes and the likelihood of these proposals actually becoming law in 2017.

Below, we will review those two laws in depth and take a look at property tax rates across the state of Oregon.

Since the U.K. eliminated its tax on income earned outside the country several years ago, it's become increasingly popular for so - called corporate inversions, a controversial practice in which a foreign company buys a U.K. company, primarily to lower its tax bill, says Andrew Needham, a tax partner at law firm Cravath, Swaine & Moore, which specializes in private equity and hedge funds.

Joe Bankman, a professor of tax law at Stanford University, believes that filing taxes in American can be easier and that there's a better way.

UCLAW alum and now a visiting scholar and senior fellow in residence at the Lowell Milken Institute for Business Law and Policy at the UCLA School of Law has a great summary of the likely effect of tax reform on executive compensation.

Factors that could cause actual results to differ materially from those expressed or implied in any forward - looking statements include, but are not limited to: changes in consumer discretionary spending; our eCommerce platform not producing the anticipated benefits within the expected time - frame or at all; the streamlining of the Company's vendor base and execution of the Company's new merchandising strategy not producing the anticipated benefits within the expected time - frame or at all; the amount that we invest in strategic transactions and the timing and success of those investments; the integration of strategic acquisitions being more difficult, time - consuming, or costly than expected; inventory turn; changes in the competitive market and competition amongst retailers; changes in consumer demand or shopping patterns and our ability to identify new trends and have the right trending products in our stores and on our website; changes in existing tax, labor and other laws and regulations, including those changing tax rates and imposing new taxes and surcharges; limitations on the availability of attractive retail store sites; omni - channel growth; unauthorized disclosure of sensitive or confidential customer information; risks relating to our private brand offerings and new retail concepts; disruptions with our eCommerce platform, including issues caused by high volumes of users or transactions, or our information systems; factors affecting our vendors, including supply chain and currency risks; talent needs and the loss of Edward W. Stack, our Chairman and Chief Executive Officer; developments with sports leagues, professional athletes or sports superstars; weather - related disruptions and seasonality of our business; and risks associated with being a controlled company.

Check Your Withholding: The government estimates that most taxpayers will see a drop in their tax bill when 2019 rolls around, but because the new law has many twists and turns (especially for those who live in high property and income tax states), your best bet is to assume that your tax liability will be at least the same as this year.

Under current federal law, long - term capital gains for individual investors in the fund are taxed at a maximum rate of 15 %.

Perhaps if the scheduled 2013 tax changes actually become law and dividends are again taxed at a premium to long - term capital gains, investors will become more interested in companies that repurchase their own shares.

Much of this is overseas, but the aforementioned recent tax law changes in the US also includes a one - time tax break on repatriated cash — this is provoking Amgen to bring at least some of this money back home.

«This is the kind of tax reform and tax cuts that get our economy growing to reach its potential,» House Speaker Paul Ryan said when celebrating the law's passage at an event on the White House lawn in December.

In addition to the lower tax rate mentioned above, the new tax law gives GOOGL the opportunity to repatriate some of its $ 100 + billion in excess cash at a lower 15.5 % ratIn addition to the lower tax rate mentioned above, the new tax law gives GOOGL the opportunity to repatriate some of its $ 100 + billion in excess cash at a lower 15.5 % ratin excess cash at a lower 15.5 % rate.

Using the home mortgage interest deduction as a case study, Hemel and Kyle Rozema, a postdoctoral fellow at the Northwestern - Pritzker School of Law, argue that labeling a tax provision as «progressive» or «regressive» should not be done in isolation.

«U.S. multinational firms are the global grandmasters of tax avoidance schemes that deplete not just U.S. tax collection but the tax collection of most every large economy in the world,» said Edward D. Kleinbard, a former corporate tax adviser to such companies who is now a law professor at the University of Southern California.

To be safe, at least for the first year the new law is in effect, you may want to assume that your tax liability will be at least the same as this year's.

At the same time, American law dictated that the subsidiaries were only tax residents in the United States if incorporated there.

Alternatively, the budget resolution could set revenues at current law levels with reconciliation instructions for a nominal change in revenues to require revenue - neutral tax reform.

and that is» O.K.» Recently when the young jewish boy was kidnapped and butchered it was revealed that in that area jews are allowed to have their very own «police force» and that is «O.K.» Every hard working, law - abiding, tax - paying legal citizen in this country needs to take a VERY SERIOUS LOOK at jews in the USA and how they manage to to have their own police, ambualnce service, ect.

Again, as it is done in Nevada (in certain counties), they «tax» it, «regulate it», and monitor the workers for diseases, and at least in Nevada... apparently, they don't mind much, and the law says it's o.k..

The Philippines» Tax Reform for Acceleration and Inclusion (TRAIN) law, which includes a new sugar tax, came into effect at the turn of the year, bringing with it a wave of confusion in the Philippines» drink sectTax Reform for Acceleration and Inclusion (TRAIN) law, which includes a new sugar tax, came into effect at the turn of the year, bringing with it a wave of confusion in the Philippines» drink secttax, came into effect at the turn of the year, bringing with it a wave of confusion in the Philippines» drink sector.

The U.S. tax law that passed at the end of December included a surprise gift to the wine and spirit industry in the form of significantly reduced excise taxes.

Anthony Weiner was an outspoken advocate for — and opponent to — many things while he served in Congress, but he was the lead sponsor one just one bill that was signed into law — a 2010 measure aimed at reducing cigarette sales - tax evasion.

Over the last several months, Cuomo has been critical of Trump's policies on immigration and the tax law approved in December that caps state and local tax deductions at $ 10,000 — a move seen as hindering high - tax states like New York.

Under U.S. tax law, all accrued capital gains in property owned at death are tax free.

Mrs. Jonathan added, «On May 3, 2017, officials of the FIRS, in a convoy of about 20 trucks and over 70 personnel, raided our client's NGO — Aridolf Jo Resort Wellness and Spa Limited — situated at Kpansia Expressway, Bayelsa State, and orchestrated a massive destruction of personal properties belonging to our client without any lawful court order or search warrant and caused mayhem there under the guise of trying to collect unpaid taxes without following any due process provided by law to do so.»

Ellner had already done time on federal tax evasion charges at that point, lost his law license and gotten it back again and also rented an apartment in a house that Levy owned and lived in during a separation from his wife, Colleen.

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.

Flanagan renewed traditional Republican calls for the budget, including a permanent cap on property tax increases and a cap on spending increases at 2 percent enshrined in state law.

The final version of the tax - cap law, enacted in tandem with a rent - control extender, said the levy limit «shall remain in full force and effect at a minimum until and including June 15, 2016, and shall remain in effect thereafter only so long as» the rent laws continue beyond their own expiration, next set for June 2015.

As long as Cuomo's cap stays in place, it will continue bending the property - tax curve lower — especially in school districts, where the law gives a simple majority of voters the power to absolutely freeze tax levies at prior - year levels.

A California Senate leader on Thursday introduced legislation aimed at circumventing a central plank in the new Republican tax law, introducing a model that - if successful - could be replicated all over the country.