Sentences with phrase «new federal tax law»

A bill approved Tuesday in the Republican - controlled Senate would mitigate the impact of new federal tax law by softening the blow on those who would pay higher state taxes as a result.

Dimon said new federal tax law and «a more constructive regulatory environment» adopted since the 2016 presidential election give him hope that JPMorgan will be able to invest more of its excess capital to grow the bank and expand into new markets.

The Tax Cuts and Jobs Act, the sweeping new federal tax law enacted at the end of December 2017, contains a provision that will likely have a significant effect on how employers resolve claims involving sexual harassment.

The Institute on Taxation and Economic Policy estimates that the richest 5 % of Americans will receive more than half of the benefits of the new federal tax law in 2019, and the richest 1 % of Americans will receive more than a quarter of the benefits.

But some state officials, incensed by the new federal tax law's $ 10,000 limit on deductions for state and local taxes (SALT), appear to have forgotten this sage advice and are considering proposals to help their residents avoid these limits.

At the biggest healthcare conference of the year, executives are happy about the new federal tax law — but not for the reason you may expect.

First, they do not benefit from the new federal tax law because REITs do not pay income taxes, and secondly, investors fear rising interest rates could hurt the real estate market.

The new federal tax law should be the context of those debates.

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 taxes.

Cuomo unveiled several amendments to the budget he proposed in January that are intended to offset the impact of the new federal tax law on New Yorkers by, among other things, implementing a new, optional, payroll tax system and creating new charitable foundations.

Cuomo is expected to lay out a plan early this year to overhaul New York's tax code in response to the new federal tax law, but analysts are warning such a proposal likely would pose challenges.

Cuomo has proposed legislation that could create more than 2,000 new local government entities to accept charitable donations from residents who want to try to get around limits on state and local taxes in the new federal tax law.

Faced with a new federal tax law that limits state and local tax deductions, three communities in New Jersey have come up with a novel solution: They want people to donate to a town - run charity as a way of mitigating their property taxes.

The new federal tax law will double the credit to $ 2,000 per child and raise the income phase - out range to a starting point of $ 200,000 for single filers and $ 400,000 for married couples.

Klein said portions of the budget that are now agreed to include fixes to the partial loss of state and local income tax deductions in the new federal tax laws.

Legislators and business leaders said they will require days to analyze the proposals and many question whether the Internal Revenue Service, Congress or the White House would allow the effort to avoid the provision of the new federal tax law.

Klein says portions of the budget that are now agreed to include fixes to the partial loss of state and local income tax deductions in the new federal tax laws.

ALBANY, N.Y. — The New York state Democratic Party has launched an advertising attack on the new federal tax law.

But proposals to combat sexual harassment and «thwart» the new federal tax law likely will be.

ALBANY — Gov. Andrew Cuomo is set to benefit from the new federal tax law he's been raging against by nearly $ 10,000, estimates show.

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.

As Cuomo advances a plan to fight the new federal tax law, he is facing a split over the issue between upstate and downstate, where New Yorkers are expecting different impacts.

Not content to fight on one front, the governor fired off a letter to Faso a few hours later, attacking the congressman's request that the Internal Revenue Service pre-empt the state's efforts to blunt the impact of the new federal tax law on New Yorkers.

It «decouples» the state tax credit from the new federal tax law that would have paid out credits over a five - year period.

The new federal tax law limits the deduction on state and local property and income taxes to $ 10,000.

Cuomo in the coming week is expected to unveil at least a partial plan in an attempt to do an end - run around the new federal tax law that restricts what people can deduct in state and local taxes, such as property taxes.

Some called Cuomo's idea a risky end - run on the new federal tax law which restricts one of the most popular deductions for those who itemize returns: the amount paid in state and local taxes.

Another complicating factor for schools budgets, and the state budget, is the new federal tax law that results in the limits on deductions for state and local taxes, including school property taxes.

ALBANY — Gov. Andrew M. Cuomo on Tuesday touted his proposal to mitigate the impact of a new federal tax law that could cost many New Yorkers thousands of dollars, but the issue prompted questioning by the State Legislature.

«Residents will get every possible deduction that is still available under the new federal tax law, including some that result in lower revenues for state and city government,» Wylde said.

Mr. Johnson said he would approach land - use decisions by trying «to get to a place of yes»; that he wanted to take steps to «eradicate hunger in New York City»; and that he would deal with the prospect of tighter budgets — because of the new federal tax law or a potential economic downturn — by guarding funding for «programs and everyday things that affect the most New Yorkers and the poorest New Yorkers, to ensure that they don't get cut.»

In New York, Gov. Andrew Cuomo's office estimates the new federal tax law will cost 1.7 million taxpayers an estimated $ 14.3 billion.

Cuomo aides have said since 2010 that he shares household expenses with Lee, including the property tax bill — something the governor noted during a speech last month about the new federal tax law.

Sweeney, who has supported a millionaires tax in the past, has said the new federal tax law has forced him to re-examine any plans to raise taxes.

In a press release issued Wednesday, Giambra criticized Gov. Andrew Cuomo's State of the State address, saying the governor offered no insight into how he would restructure the state's tax code to meet what he called the «economic arrow» of the new federal tax law that he said punishes New York and other blue states.

Unless it is addressed, the new federal tax law, particularly the change to the state and local tax deduction, is likely to cause reduced revenue for schools (and other services) in communities all across the state.

Cuomo's idea to shift some state and local tax payments owed by individuals to a payroll tax paid by employers so many New Yorkers don't lose thousands of dollars under a new federal tax law is supported in concept by many tax policy experts.

EJ McMahon: «(T) he initial version of the budget doesn't address any of the myriad corporate and personal income tax (PIT) conformance issues raised by passage of the new federal tax law.

The New York state Democratic Party has launched an advertising attack on the new federal tax law at the urging of Gov. Andrew Cuomo, who has vowed to sue over the measure.

Cuomo, widely seen as a potential contender for the Democratic presidential nomination in 2020, said the provision of the new federal tax law that limits SALT deductions is «violative of states» rights and the principle of equal protection.»

How will the politics of the new federal tax law play out in high - tax states?

The governor says the new taxes, which would raise most of the money from the healthcare industry, are necessary to deal with an expected drop in federal aid and the loss of revenue under the new federal tax law.

Cuomo had proposed the payroll tax and charitable foundations as ways to help cushion the impact of the new federal tax law and its $ 10,000 limit on deductions for state and local taxes.

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

Would a payroll tax be a way for NY to clawback some measure of SALT deduction under the new federal tax law?

Under the new federal tax law, employers» state and local taxes would remain deductible.

That idea is being floated in some quarters as a way to circumvent the fiscal impact of the new federal tax law's low - SALT diet in high - tax states.

Two New York state assemblymembers from Westchester County are fighting back against the new federal tax law with legislation of their own.

Maryland Attorney General Brian Frosh, D, announced Thursday that he will join several high - tax states planning to challenge the new federal tax law as illegal because it would «jack up» the amount many residents owe.

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.